Magnis Energy received a funding proposal from US Fund

Magnis Energy Technologies Ltd (ASX: MNS) reported that it had received a binding fundraising proposal from SBC Global Investment Fund in the United States, under which the company intends to raise AU$50 million. The funding proposal will be structured as an equity-linked pre-paid share subscription facility arrangement.

The funds will be utilised to further the development of both the US Anode Active Materials Project and the Nachu Graphite Project, as well as general working capital and plant productivity improvements at iM3NY as it ramps up commercial production to meet customer demand. The Financing Proposal is another crucial step towards Magnis' target of becoming a leading worldwide, vertically integrated operator in the lithium-ion battery value chain.

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