Magnis Energy Technologies Ltd
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Magnis Raises $10 Million in Successful Placement, Boosting Business Growth
Why did Magnis Appoint Fabrizio Perilli as Non-Executive Director?
Magnis, a leading battery technology company, has recently appointed Fabrizio Perilli as a non-executive director. With over 25 years of experience in director level roles, Mr. Perilli brings an impressive track record to the company. He has overseen projects valued at over $6 billion and is currently the co-founder and Managing Director at PERIFA, a well-known international property group.
Before joining PERIFA, Mr. Perilli spent 15 years as the CEO of TOGA Group, where he successfully grew the business and emphasized value and quality outcomes for stakeholders. He also served as a Director at Clifton Coney Group (Coffey Projects) and played a pivotal role in establishing and leading new operations in Sydney, New Zealand, and Vietnam.
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Furthermore, Mr. Perilli holds prominent positions such as the president of the Property Council of Australia's NSW division and Non-Executive Director of Okapi Resources Limited (ASX:OKR).
What is the Standby Equity Facility with Evolution Capital and how does it benefit Magnis?
Magnis has recently entered into a Standby Equity Facility with Evolution Capital, offering the company an additional option for raising funds to support its business endeavors. This facility provides Magnis with access to capital, both in terms of the amount and timing, if needed. Importantly, this agreement ensures that Magnis can continue progressing its IM3NY production and other corporate projects without any disruption.
How much money did Magnis raise through Placement?
In a significant development, Magnis successfully raised $10 million through a fully subscribed Placement. This fund was generated by issuing 83,333,334 shares at a price of $0. 12 per share. The placement saw participation from local and overseas institutional fund managers, as well as professional and sophisticated investors.
What progress has been made with the Nachu Graphite Project?
During the quarter, minor infrastructure works were completed on the Nachu Graphite Project. This project has attracted strong renewed interest, especially in terms of graphite offtakes. Magnis is currently in discussions with various parties, including government agencies, for the financing of the Nachu Project.
What is the update on the Imperium3 New York Lithium-ion Battery Plant?
Magnis has provided bridging finance, resulting in an increased equity interest of 73% in iM3NY, the operator of the New York Lithium-ion Battery Plant. This development confirms iM3NY's eligibility for an initial grant of US$2 million from the NY State-sponsored business initiative, Empire State Development (ESD). These funds are expected to be received during the current quarter and form part of a larger grant of up to US$13. 25 million.
What revenue was generated in the quarter?
Magnis has generated revenue through a significant project aimed at providing green energy support to a Tanzanian Resettlement Village. Over 50 households in the village currently rely on solar energy, and Magnis has identified an opportunity to showcase IM3NY's capabilities by providing a large plug and play energy stationary storage battery. This project is expected to have a substantial positive impact on the local community. As part of this initiative, Magnis will utilize the majority of the cells currently in storage. The company facilitated a $464,000 inter-company transaction to aid in the execution of this project.
What strategic partnerships and investments are being pursued?
The iM3NY site, which has approved production permits and utility capacities, offers a unique advantage to strategic partners interested in accelerating their product-to-market plans. In the previous quarter, several strategic and investment parties conducted due diligence and advanced discussions. Magnis plans to provide further information when these partnerships become more definitive.
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