Lithium battery play Magnis Energy Technologies searches for $25m
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Magnis Energy Technologies was raising money on Friday.
Louise Kennerley
ASX-listed Magnis Energy Technologies is the next cab off the rank, in the wake of fellow lithium plays Argosy Minerals, Core Lithium and Vulcan Energy all tapping the market for fresh equity in the past week or so.
Magnis had Evolution Capital Advisors at hand on Friday morning, with a $25 million placement, according to terms sent to funds.
The new shares were being offered at 28¢ each, which represented a 15 per cent discount to the company’s 33¢ last close. The offer came with a one-for-one unlisted option, exercisable at 50¢ and expiring in 24 months, potential investors were told.