Bell Potter beats drum for Magnis Resources

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.

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