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Magnis secures A$11.1M investment from Aqualand's AL Capital

Magnis Resources Ltd. said Sept. 4 that AL Capital Holding invested A$11.1 million in the company in exchange for a 4.98% equity holding.

AL Capital is the private investment arm of the Aqualand Group, a property development company.

The company will issue 30 million shares priced at 37 cents apiece, reflecting a 4% premium to the 15-day volume weighted average price of 35.6 cents.

As part of the transaction, an AL Capital representative will join the board of Magnis.

Magnis will use the proceeds to strengthen its balance sheet in order to capitalize on growth opportunities in the battery technology sector, as well as to fund the development of its Nachu graphite project in Tanzania.

The companies expect to settle the transaction on the same day.