Magnis enters into Standby Equity Facility
Sydney, Sep 11, 2023 AEST (ABN Newswire) - Magnis Energy Technologies Ltd (
ASX:MNS) (U1P:FRA) (MNSEF:OTCMKTS) is pleased to announce that it has entered into a standby equity facility agreement ("Equity Facility") with Evolution Capital Pty Ltd ("Evolution Capital").
Magnis Chairman Frank Poullas commented: "The Standby Equity Facility provides Magnis with another option when it comes to raising funds to support the business. Magnis will have the option whether to utilise the facility at all, along with the quantum and timing. Crucially, it will provide Magnis with cheap access to capital if it requires, without having to launch a capital raising, while it continues to advance IM3NY production and corporate endeavours."
Facility Details:
Magnis has the discretion as to whether to request any share placements be conducted to Evolution Capital, the timing of each individual placement and, subject to the above mentioned issuance "cap", the number of shares to be issued to Evolution Capital under each placement. Similarly, Evolution Capital has the discretion as to whether to accept each placement request either in part or at all.
Each placement is also conditional on Magnis having available placement capacity under LR 7.1. Prior to its entry into the Equity Facility, Magnis' placement capacity was approximately 103 million.
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.
| ||
|
