Ann: Suspension and Transaction Update, page-66

Magnis is expecpted to reveal it has secured $20 million via a convertible note issue, as early as Monday, after the best part of a week off the ASX boards. Sources said the raising was backed by Hancock-advised New York fund manager and venture capitalist Lind Partners.Hancock, a special adviser to Lind, is a lithium-ion bull, after buying into Vulcan at 40¢ and turned a $4 million investment into $65 million. Vulcan rallied to $9.80 last week, before also heading into a trading halt as worked on a binding offtake agreeement.Magnis, which had a market cap of $230 million ahead of its shares being suspended, has aggressive growth plans. The bulk of the new capital is expected to head towards its majority-owned iM3NY, which is building a lithiu-ion battery plant in New York. (iM3NY is also working on its own potential IPO, slated for later this year).It’ll be interesting to see if Gina Rinehart, the nation’s richest person, joins the Magnis register. She jumped into Vulcan after it became public her eldest son had grabbed a slice.