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Magnis Energy nets A$8M funding commitment from Negma Group

Magnis Energy Technologies Ltd. secured funding from Middle East-based Negma Group via a subscription of shares worth up to A$8 million over 12 months, with a maximum of A$700,000 per month.

Negma also has an option to invest an additional A$4 million in Magnis by subscribing for additional shares on the same terms.

Additionally, Magnis offered to issue Negma 4 million unlisted options at an exercise price of 40 Australian cents each, which will expire April 30, 2021.

Magnis said Sept. 27 that it will use the funds for working capital and to advance all of its projects.

In March, the company's 47%-owned Imperium3 New York battery development consortium signed a 13-year term sheet for US$52 million in funding.