The placement is priced at 17c, below its last traded price of 19c, and comes after a raising of $1 million at 7.5c in June, which was for its New York and Townville gigafactories, and its undeveloped Nachu graphite project in Tanzania. 

 

In the US, the company recently completed several major milestones, including detailed engineering of its plant, process optimisation, and cost estimation at the plant in New York state, where it now owns 53.39%.

 

The Imperium3 consortium has been progressing the project since buying a used battery plant for stage one and moving it to New York in 2017. It aims to begin operations in 2024.

 

It is still looking for finance for the development.

 

A similar plant is being considered for Townsville in Queensland, and it is on the hunt for equity partners on a $3 billion development, with a final investment decision targeted for mid-2021.

 

A feasibility study for the 33%-owned facility was approved by the state government last month.

 

In Tanzania, its +99% pure flake material is claimed to have set a standard only matched by other projects using high-cost downstream purification, and Magnis has recent reported good interest from battery makers in recent months.

 

A bankable feasibility study for Nachu was completed four years ago, and in December Magnis signed a binding EPC contract with Metallurgical Corporation of China for the US$277 million development, but the development is yet to progress, with funding still an issue.

 

MCC was looking for around 80% debt funding. 

 

Magnis shares have traded between 4.7-2.8c over the past year.