Magnis placement raises $4 million

Company News

Magnis Resources Limited (ASX:MNS) has raised $4 million via a placement of ordinary shares to sophisticated and institutional investors.
The placement consisted of 10 million shares at an issue price of 40 cents per share.
The company says that funding will be used to further fast-track the Nachu graphite project into production. 
Magnis owns 100% of the Nachu tenement in the South East of Tanzania. 
Magnis Resources reported a net loss of $13.24 million at 30 June.

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