Magnis Energy Technologies Raises $10 Million in Placement
Magnis Energy Technologies Ltd (ASX: MNS, OTCQX: MNSEF, FSE: U1P) has successfully raised $10 million through a well-supported placement. The proceeds from the issuance of 83,333,334 shares at $0. 12 per share will be used to advance all the company's projects, including the AAM Demonstration Plant and the Nachu Graphite Project, as well as to provide working capital.
The placement was supported by local and overseas institutional fund managers, along with professional and sophisticated investors, highlighting strong investor appetite for the company's lithium-ion battery technology and materials.
Executive Chairman Frank Poullas and Managing Director (USA) Hoshi Daruwalla have committed to subscribe to $300,000 and $100,000 of the placement, respectively. Shareholder approval under Listing Rule 10. 11 will be required for their subscription at the next General Meeting of the company.
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Magnis Energy Technologies is a vertically integrated lithium-ion battery technology and materials company within the lithium-ion battery supply chain. The company operates a Gigawatt scale lithium-ion battery manufacturing plant in Endicott, New York, through its US-based subsidiary, Imperium3 New York, Inc.
The company has also completed the production of high-performance active anode materials for lithium-ion batteries utilising its high purity graphite feedstock from its Nachu graphite project in Tanzania in partnership with US-based technology partner, C4V LLC.
Magnis' vision is to enable, support, and accelerate the mass adoption of electric mobility and renewable energy storage, both critical components of the green energy transition. Evolution Capital acted as Sole Lead Manager for the successful placement.
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