AFR reporting Cap Raise

ASX-listed Magnis Energy Technologies is the next cab off the rank, in the wake of fellow lithium plays Argosy Minerals, Core Lithium and Vulcan Energy all tapping the market for fresh equity in the past week or so.Magnis had Evolution Capital Advisors at hand on Friday morning, with a $25 million placement, according to terms sent to funds.The new shares were being offered at 28¢ each, which represented a 15 per cent discount to the company’s 33¢ last close. The offer came with a one-for-one unlisted option, exercisable at 50¢ and expiring in 24 months, potential investors were told.Magnis is an Aussie-based outfit, working on lithium-ion battery manufacturing locally and in the United States, as well as developing a graphite mine in Tanzania.Money raised in this round would be used to start production at its New York battery plant and for general working capital.Bids into the placement were due by 1pm on Friday.

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