AnteoTech Raises AU$6 Million in Capital to Fuel Clean Energy Initiatives

AnteoTech Ltd (ASX: ADO), an Australian lithium explorer, has successfully raised AU$6.0 million in capital. The funding includes AU$4.0 million from a placement to sophisticated and professional investors and a proposed Share Purchase Plan (SPP) to raise AU$2.0 million. The Placement and SPP shares were offered at 3.2 cents per share, with each participant receiving one free attaching option for every two shares issued. The options can be exercised at 6.4 cents each for three years. The company plans to utilize the funds to advance its Anteo XTM commercialization activities, construct the Anteo XTM production facility, and further develop and test high silicon anodes for the lithium-ion battery market.

AnteoTech aims to establish itself as a prominent player in the clean energy market and secure commercial agreements with major manufacturers in the near term. The Placement was made to investors who qualified as sophisticated and professional under the Corporations Act 2001. It represents a 17.9% discount to the last traded price on July 21, 2023, and a 22.8% discount to the 15-day volume-weighted average price. The SPP offers eligible shareholders the opportunity to subscribe for up to AU$30,000 worth of new ordinary shares at the same price as the Placement, with the SPP Price representing a 17.9% discount to the last ASX share price.

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