Magnis Energy Technologies Secures $8 Million In Funding

Magnis Energy Technologies Limited is pleased to announce that it has secured $8 Million in funding from Middle East based Negma Group.

Magnis Energy Technologies Limited (“Magnis” or the “Company”) is pleased to announce that it has secured $8 Million in funding from Middle East based Negma Group (“Negma” orthe “Subscriber”).

Negma will provide up to $8 Million over the course of 12 months with a maximum monthly subscription of $700,000. The price of the shares issued will be at an 8% discount to the previous ten day Volume Weighted Average Price (“VWAP”). The Company has the flexibility to call the monthly amounts and can cancel the agreement at any stage without a penalty.

An option for an additional $4 Million subscription is on offer at the same terms.

The funds will be used for working capital and advancing all projects.

In addition, an issue of 4,000,000 Unlisted Options in the Company at a exercise price of $0.40 per share with an expiry date of 30 April 2021 is offered subject to the necessary Shareholder approvals.

Key Terms of the Subscription

magnis

magnis

Negma Chairman Aboudi Gassam commented: “At Negma we constantly look for undervalued opportunities in this sector and we believe that this is the best time to become part of Magnis shareholder family. Magnis has built a unique portfolio from mining to Li-ion Batteries plants. We look forward to working with the experienced team in Magnis and assisting with the funding of their projects.”

Magnis Managing Director Marc Vogts commented: “We have been looking for the best option to avoid dilution at these current pricing levels while securing working capital for the next 18 months and we believe this option is ideal for us. Negma has been excellent to deal with and we look forward to working closely together.”

Click here to connect with Magnis Energy Technologies (ASX:MNS) for an Investor Presentation.

Source

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News