- AnteoTech (ADO) taps investors for $6 million
- The company will complete two capital-raising efforts; a $4 million placement and a $2 million share purchase plan
- Directors have the right to accept an oversubscription of up to $1 million
- Money raised will go towards the development of its Anteo X silicone anodes
- Shares are down 12.8 per cent, trading at 3.3 cents at 2:32 pm AEST
AnteoTech (ADO) has tapped sophisticated and professional investors for $6 million.
The company will carry out two capital-raising efforts; a $4 million placement and a $2 million share purchase plan.
The placement comprises the issuance of 125 million fully paid ordinary shares at 3.2 cents each, representing a 17.9 per cent discount to the last traded price.
ADO will also offer a share purchase plan to eligible shareholders.
The plan will allow shareholders to subscribe for up to $30,000 worth of ordinary shares in the company at 3.2 cents.
This SPP will not be underwritten and the target capital is what the company deems sufficient to provide shareholders with a reasonable opportunity to complete the placement.
Directors also have the right to accept an oversubscription of up to $1 million.
“We are very pleased to have secured this funding to enable us to stay ahead of the pack in the rapidly developing clean energy market, where our world-class technology can unlock the enormous benefits of higher silicon battery anodes,” ADO Managing Director and CEO David Radford said.
‘We believe we can make a real difference in the battery industry and are working to secure commercial agreements with major manufacturers of binders, batteries and EVs in the near term.
“We are also fast-tracking construction and commissioning of our Anteo X production facility in Brisbane this year, to support these current and planned commercial partners.”
Money raised from the capital raising exercise will go towards the company’s commercialisation and development activities, production facilities, and expansion for its Anteo X silicone anodes, as well as further testing developmental equipment.
ADO was down 12.8 per cent, trading at 3.3 cents at 2:32 pm AEST.