Magnis Energy Technologies has welcomed ‘firm commitments’ from institutional, professional and other investors to raise $7.65 million via a placement of 45,000,000 ordinary shares at 17 cents per Share.
The company is proposing to build a battery plant in Townsville.
The offer is being managed by joint lead managers Aitken Murray Capital Partners and Foster Stockbroking and includes :
- $7.65 million capital raising, co—led by Aitken Murray Capital Partners and Foster Stockbroking, to new local and overseas institutional investors, new sophisticated investors and existing shareholders
- Magnis Executive Director James Dack subscribes for $0.5 million
- Funds to be used to progress battery manufacturing and technology programs
said Magnis Executive Director James Dack.
The Placement was oversubscribed and it was great to welcome several institutional investors as shareholders said , Magnis Chairman Frank Poullas.
“The funds will be used for working capital purposes and to advance all projects with the focus being on near—term cell manufacturing from our majority owned Lithium— Ion Battery Plant in New York, along with our exciting battery technology programs,” he said.
Mr Dack’s subscription for $0.5 million in Shares is subject to shareholder approval at the 2020 AGM.