Magnis gets $11.1 million of investment

  • Sep 04, 2018 AEST
  • Team Kalkine
Magnis gets $11.1 million of investment

After staying in trading halt for past few days, Magnis’s shares resumed trading on ASX today, i.e. 4 September 2018. The stock has slipped by 2.632% to $0.370 despite securing $11.1 million of investment today.

Graphite producer Magnis Resources Limited announced $11.1 million of investment from Aqualand Group’s AL Capital for a 4.98% equity holding in the company, valued at $0.37 per share.

The placement was made at a premium of 4% to the 15-day Volume Weighted Average Price (VWAP) of $0.356 under Magnis’ existing placement capacity. 

The funds raised from this placement are expected to be utilized in the development of MNS’s wholly owned Nachu Graphite project and to fund support future growth opportunities in the batter technology sector.

In welcoming AL’s Capital’s investment, MNS’s chairman Frank Poullas stated that with this investment the financial position of the company is secured for the medium term in addition to having a strong partner to the business. He also confirmed the company continues to achieve significant progress at the company’s most advanced battery plant at Huron Campus in New York.

Corresponding to the settlement of this placement, the company has announced new issue of 30,000,000 shares later this day.

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