Magnis Resources (ASX:MNS) (“Magnis” or the “Company”) is pleased to announce that it has completed the transaction to acquire a 10% interest in Charge CCCV LLC (“C4V”), a US-based intellectual property company with specialist expertise and patented discoveries in lithium-ion battery composition and manufacture.

Magnis Resources (ASX:MNS) (“Magnis” or the “Company”) is pleased to announce that it has completed the transaction to acquire a 10% interest in Charge CCCV LLC (“C4V”), a US-based intellectual property company with specialist expertise and patented discoveries in lithium-ion battery composition and manufacture.

As announced on 29 March 2018, Magnis would acquire 10% of C4V and exclusivity over some of its patents for US$7.5m. The Boards of Magnis and C4V have now agreed that the remaining US$3 Million be paid via US$1 Million in cash and the remaining US$2 Million in the way of Magnis Shares.

The number of ordinary shares in Magnis that will be provided to C4V will be 7,507,508. This calculation was based on using a share price of $0.37 and using an exchange rate of one AUD equalling USD 0.72. The ordinary shares will be issued within two days of today’s announcement.

Magnis and C4V would also be co-developing intellectual properties and expertise in pursuit of select projects to drive shareholder value. C4V brings extensive background in patented intellectual property in advanced lithium-ion materials that have been recognised for resolving major constraints in battery performance and is an equity holder in various manufacturing projects with Magnis that is pivotal to the Company’s business development in the sector.

Commenting on the transaction, Shailesh Upreti, President of C4V said: “Having worked closely with Magnis for more than three years, we are delighted to secure this strategic investment by Magnis and we look forward to our ongoing partnership to exchange expertise and assistance in establishing advanced lithium-ion battery technology. Synchronising cutting edge technology with bulk processing practices is already leading to a commercially viable solution for both organisations.”

Shailesh added: “We have several major sales contracts in hand internally as well as via our consortium Imperium3 New York to make the supply chain more sustainable and we are rapidly gearing towards production next year.”

Magnis’ Chairman Frank Poullas: “We are delighted to complete this transaction with C4V and join a team which continues to bring enormous benefits to Magnis including important expertise in the lithium-ion battery sector that will significantly enhance the development of our battery plants globally.”

C4VTM is an intellectual property company based in Binghamton, New York with expertise and patented discoveries in lithium-ion battery composition and manufacture. C4V leverages its expertise in electrode design and process development to create next-generation storage materials that can be seamlessly integrated into current cell manufacturing lines.

-ENDS-

For further information, please contact:
Travis Peluso
Investor Relations Director
Ph: +61 411 404 814
www.magnis.com.au

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

Source: drive.google.com

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