IM3NY Update
Sydney, Mar 31, 2023 AEST (ABN Newswire) - Magnis Energy Technologies Ltd (
ASX:MNS) (U1P:FRA) (MNSEF:OTCMKTS) is pleased to provide an update from iM3NY of which the Company is the major shareholder.
Bridging Finance
Following the Company's recent successful capital raise, Magnis has provided bridging finance to iM3NY LLC ("LLC") for the benefit of its subsidiary Imperium 3 New York Inc ("Inc") as it progresses its long-term funding initiatives (currently being advised by HSBC Americas) to increase annual plant capacity. The terms of the bridging finance can be found in Annexure A. The bridging finance will assist with enhancing production efficiencies to meet customer demand as well as providing additional working capital as iM3NY finalises independent certification and its long-term funding plans.
If Magnis was to convert the bridging finance into equity (instead of it being repaid), the ownership level in LLC would increase materially above the current level of 62%, with a corresponding increase in the asset value of its holding in LLC.
Independent Certification
As previously advised, in order to meet customer orders, the cells produced must be certified to UN38.3, a United Nations standard applicable to Lithium batteries for safe transport in large quantities (by air, sea, rail or road).
The UN38.3 certification process continues with an additional independent certifier being retained in an endeavour to speed up the process to obtain certification in the near term.
About Magnis Energy Technologies Limited
Magnis Energy Technologies Limited (ASX:MNS) (OTCMKTS:MNSEF) (FRA:U1P) is involved in and has strategic investments in several aspects of the electrification supply chain including manufacturing of green credentialed lithium-ion battery cells, leading edge battery technology and high quality, high performance anode materials. The company's vision is to enable, support and accelerate the green energy transition critical for the adoption of Electric Mobility and Renewable Energy Storage.
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