Astron Corporation Secures $10 Million Placement

Astron Corporation Limited (ASX: ATR) has secured a $10 million placement from its second-largest shareholder, Mr. Tan Ruiqing. The placement is priced at $0.56 per CDI, representing a 7.7% premium over the closing price of Astron shares on November 2, 2023. The $10 million placement will be settled in three tranches, with the final tranche subject to approval by the company's security holders.

Upon completion of the placement in March 2024, Mr. Tan Ruiqing is expected to own 18.5% of Astron Corporation Limited. The funds raised from this placement will be used for various purposes, including negotiating offtake agreements, advancing infrastructure design and approvals, continuing the debt financing process, and exploring project partnering opportunities. Additionally, funds will be allocated for working capital, including an investigation into relocating the group's parent entity from Hong Kong to Australia.

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