Magnis Energy Technologies (ASX:MNS) has signed an equity financing agreement with New York-based Global Corporate Finance (GCF) to support its Nachu Graphite Project in Tanzania, according to a Thursday filing with the Australian bourse.
The deal is set to provide the company with up to AU$15 million in funding, with an initial commitment of AU$10 million at a minimum subscription price of AU$0.04 per share, the filing said.
GCF will also be granted 20 million options with an exercise price of AU$0.06 per share, expiring four years from the date of the issue, the filing added.
The agreement is subject to shareholder approval, the company said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.