Tanzania graphite explorer secures A$11.1M

Magnis intends to use the funds to advance its Nachu graphite project in Tanzania and to capitalise on "current and future growth opportunities" in the battery technology sector.

ALC is acquiring 30 million shares at 37c each, a 4% premium to the 15-day volume weighted average price.

ALC was described as the private investment arm of property developer Aqualand Group which had generated a portfolio with a collective gross development value of more than $5 billion.

Magnis chairman Frank Poullas said the company's financial position was now secured for the medium term.

It had reported just over $1.5 million in cash and equivalents at the end of June.

The company has a 44% interest in the New York gigafactory project, Imperium3 New York, which is relocating a lithium-ion battery plant from North Carolina.

The consortium along with new partners is also looking into setting up a lithium-ion battery plant in Townsville, with the Queensland government last week approving a $3.1 million grant towards a feasibility study.

"We confirm that we are making excellent progress at our most advanced battery plant at Huron Campus in New York," Poullas said in a statement today.

ALC chief executive Wayne Mo said the company looked forward to being a committed partner and helping drive Magnis' growth.

"We believe that their battery projects and their technological capabilities that are currently in development are well advanced with global scaling," Mo said.

Shares in Magnis were up more than 2.6% in morning trade to 39c.

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