PERTH (miningweekly.com) – Graphite and lithium-ion battery hopeful Magnis Energy Technologies will raise A$34-million through a share placement to fast-track the development of its battery plant in New York.
The company on Monday announced that it had received firm commitments from professional, institutional and sophisticated investors for the placement of more than 121.4-million shares, at a price of 28c each.
The share placement will be split in two tranches, with the first tranche consisting of more than 108.3-million shares to be placed under Magnis’ existing placement capacity.
The second tranche of the remaining 13.1-million shares would be placed following shareholder approval.
The company told shareholders that the funds raised will be used to advance the New York battery plant into production, with the project development process already having been kicked off.
“We have been working hard to achieve this funding for our New York project and to become a significant global producer of lithium-ion batteries. Strong investor appetite for clean energy technologies was evident through the overwhelming demand for this raise,” said Magnis chairperson Frank Poullas.
Magnis forms part of the Imperium3 consortium, which in 2018 purchased a lithium-ion plant in New York, which is valued at some $71-million.