LONDON, UK: AnteoTech Ltd (ASX: ADO), a company that develops and manufactures high silicon anodes for lithium-ion batteries, has announced that it has raised $6 million from investors to accelerate its commercialisation and production activities.
The company said it had received funding commitments of $4 million from sophisticated and professional investors for a placement of new shares at 3.2 cents per share, and planned to offer existing shareholders a share purchase plan (SPP) to raise another $2 million at the same price. The price represents a discount of about 18% to 23% to the recent market price of the shares.
The investors in the placement and the SPP will also receive one free attaching option for every two shares they buy, which will allow them to buy more shares at 6.4 cents each for three years.
The company said the funds raised would be used to drive its near-term commercial milestones, including sales and marketing, customer collaborations and advanced testing for its Anteo XT” technology, which enhances the performance and safety of high silicon anodes for lithium-ion batteries. The company said its technology had applications in the fast-growing clean energy sector, such as electric vehicles and energy storage.
The company also said it would use the funds to commission and expand its production facility, which will have an initial capacity of 20,000 litres per year and a potential capacity of 80,000 litres per year.
The company’s CEO, Derek Thomson, said the capital raising would strengthen the company’s balance sheet and enable it to build on its early mover advantage in the high silicon anode market. He said the company expected to receive an additional $2.8 million to $3 million from the R&D tax rebate by December 2023.
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