Magnis Energy Technologies Limited (ASX: MNS) of Sydney, Australia, has completed the transaction to increase its shareholding in the iM3 – Imperium 3 – New York Battery Plant as announced on 16 March 2020.
The composition of iM3NY at the completion of the transaction, places Magnis with a 53.39% direct holding. C4V will have a direct holding of 45.18% with Primet Precision Materials Inc. and C&D Assembly Inc. the remaining holders.
Magnis remains a 10% shareholder of C4V following this transaction, thus the ownership in
iM3NY on a direct and indirect basis for Magnis will now be 57.91%.
Project in Tanzania
Magnis Energy Technologies Limited has provided an update on the graphite products produced from the Company’s Nachu Graphite Project in Tanzania, as Magnis aims to become one of the lowest cost producers of value added graphite products for the lithium-ion battery industry.
Natural graphite produced from the company’s Nachu Graphite Project can be turned into a high performing anode material without any chemical, acid or thermal purification, which cuts overall manufacturing costs say the company.
See company’s press release HERE