Magnis Completes Funding from Investors
Sydney, Mar 24, 2023 AEST (ABN Newswire) - Magnis Energy Technologies Ltd (ASX:MNS) (U1P:FRA) (MNSEF:OTCMKTS) is pleased to announce that it has completed funding from L1 Capital Global Opportunities Master Fund (Affiliate entity of SBC Global Investment Fund) ("L1 Capital") and Regal Funds Management as trustee for one or more funds ("Regal"). As previously announced to the market, the funding is structured as an equity linked pre-paid share subscription facility agreement for a total of up to A$50 million subscription credit, the agreed material terms of which are set out in the Schedule to this announcement (Pre-Payment Subscription Facility). Evolution Capital advised Magnis in relation to the funding.
Commenting on the completion of the funding, Magnis' Executive Chairman, Frank Poullas, said:
"Magnis is pleased to have reached agreement with the Investors for the funding, which strengthens the Company's balance sheet and places it in a strong position to accelerate development of its vertically integrated AAM business. We would like to thank the Investors and Evolution Capital for their continued support of Magnis' vision."
The receipt of the Funding Proposal marks another critical step towards Magnis' goal of becoming a leading global, vertically integrated player in the lithium-ion battery value chain. Further information in relation to the Pre-Payment Subscription Facility is set out in the Schedule to this announcement.
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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.
Magnis Energy Technologies Limited