Placement
Sydney, July 17, 2023 AEST (ABN Newswire) - Magnis Energy Technologies Limited (
ASX:MNS) (U1P:FRA) (MNSEF:OTCMKTS) is pleased to announce that it has received firm commitments raising $10 Million via the placement of 83,333,334 shares at $0.12 per share, which will be issued within the capacity under Listing Rule 7.1. The placement was made to local and overseas institutional fund managers along with professional and sophisticated investors.
The funds raised under the placement will be used to advance all projects including the AAM Demonstration Plant and the Nachu Graphite Project along with providing working capital.
Magnis Executive Chairman Frank Poullas has committed to subscribe for $300,000 and Managing Director ( USA) Hoshi Daruwalla has committed to subscribe for $100,000 in this placement which will require shareholder approval under Listing Rule 10.11 at the next General Meeting of the Company.
Evolution Capital acted as the Sole Lead Manager for the placement.
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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