Bell Potter Securities is in the market with a placement for lithium-ion battery play Magnis Resources.
The broker is seeking to place 11.6 million new share at 40¢ each to raise $5 million.
Funds raised were pegged for "material acquisition of assets and equipment to assist with the company's lithium-ion manufacturing strategy and general working capital" according to terms sent to potential investors.
The offer was priced at a 7 per cent discount to the stock's last close.
Bell Potter was calling for bids into the placement by 4pm on Tuesday.
The company had a $238 million market capitalisation prior to the raising. It has a graphite mining project in Tanzania and has part ownership of Lithium-ion battery production in three countries.
http://www.copyright link/street-talk/bell-potter-beats-drum-for-magnis-resources-20180205-h0uc4t
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