AnteoTech Raises $6.0m in Capital to Accelerate Clean Energy Commercialisation
Anteotech Ltd
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AnteoTech Raises $6.0m in Capital to Accelerate Clean Energy Commercialisation

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Brisbane, Australia, 26 July 2023: AnteoTech Ltd (ASX: ADO), a leading company in the design and manufacture of high silicon anodes for the Lithium-ion battery market, has successfully secured $6. 0m in capital raising efforts. The funding consists of a $4. 0m placement to sophisticated and professional investors and a $2. 0m share purchase plan (SPP). This influx of funds will be used to drive near-term commercial milestones, including Anteo XTM commercialisation activities and the construction of the Anteo XTM production facility.

Strengthens Balance Sheet and Pro Forma Cash

With the successful capital raising, AnteoTech's balance sheet will be significantly strengthened, providing the company with the necessary resources to accelerate its activities.

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AnteoTech will have approximately $8. 3m in pro forma cash after the placement and SPP, as of 30 June 2023. Additionally, the company anticipates receiving an additional $2. 8m to $3m in R&D rebate by December 2023.

Share Purchase Plan (SPP) for Existing Investors

AnteoTech plans to launch a share purchase plan targeting existing investors with a fundraising goal of $2. 0m. Participants in the placement and SPP will receive 1 free attaching option (unlisted) for every 2 shares issued, with the options being exercisable at 6. 4 cents each for a period of three years. The offer price for the shares in the placement and SPP is set at 3. 2 cents per share, representing a 17. 9% discount to the closing price on 21 July 2023 and a 22. 8% discount to the 15-day volume-weighted average price.

Accelerating Clean Energy Commercialisation

The capital raised through the placement and SPP will enable AnteoTech to accelerate its clean energy commercialisation efforts. The company's key strategic objectives for utilising the funds include:

Anteo XTM Commercialisation and Development Activities: The funds will be allocated towards sales and marketing initiatives, as well as accelerating the commercialisation of Anteo XTM for high silicon anodes in the battery sector.

Expansion of Anteo XTM Production Facility: AnteoTech plans to commission its production facility with an initial 20,000 litre annual capacity. Furthermore, the company will expand the production facility to reach an annual capacity of 80,000 litres.

High Silicon Anode Development, Testing, and Commercialisation: AnteoTech aims to expedite the pre-market entry activities, including customer collaborations and advanced testing equipment, to accelerate the development of high silicon anodes.

David Radford, the Managing Director & Chief Executive Officer of AnteoTech, expressed his excitement about the funding, stating, "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. 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 the construction and commissioning of our Anteo XTM production facility in Brisbane this year to support these current and planned commercial partners. "

With the successful capital raising and the upcoming implementation of strategic objectives, AnteoTech is well-positioned to lead in the clean energy market and contribute to the advancement of battery technology.

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