Magnis Energy Technologies Limited: Clarification of Announcement
Sydney, Australia - Magnis Energy Technologies Ltd. (ASX:MNS) (FRA:U1P) (OTCMKTS:URNXF) has been made aware of a discrepancy in an announcement made on 28 April 2021. The announcement was entitled "New Investment in C4V leads to Magnis Loan Repayment" ("the Announcement").The Announcement reflected the Company's misunderstanding that Riverstone Credit Partners received a 3.5% interest in C4V as consideration for US$5 Million. Yesterday Magnis was informed and did confirm that Riverstone Credit Partners received the relevant 3.5% interest in C4V as part of the US$50 Million financing deal announced the previous week. In the other respects, the Announcement was accurate.
The Company notes the Announcement was sent to both C4V and Riverstone Credit Partners for comment prior to its release and received no substantive or corrective revisions and acted accordingly.
The Company has since been informed that the US$5 Million provided by iM3NY to C4V was used to settle an outstanding licensing fee of US$1 Million with the remaining funds being used to pay for future capex and services related to the iM3NY Battery Plant. To date over US$2 Million has been expensed with invoices being provided to iM3NY.
About Magnis Energy Technologies Limited:
Magnis Energy Technologies Ltd. (ASX:MNS) (OTCMKTS:URNXF) (FRA:U1P) aims to become a leading global producer of next-generation green credentialed Lithium-Ion Battery (LIB) cells, enabling the future energy requirements of the world, the global storage of renewable energy and electrification of transportation.
Leveraging off a world class graphite asset in Tanzania, associated production IP and a strategy partnership with US based Charge CCV, Magnis will manage an end to end supply chain, sourcing the raw materials and associated technologies for these cells.
Magnis has three core areas of focus which provide the Company with a strategic advantage; battery technologies, gigafactories and graphite.
Source:
Magnis Energy Technologies Ltd.
Contact:
Frank Poullas Executive Chairman Ph: +61 2 8397 9888 www.magnis.com.au