ASX-listed Magnis Resources has acquired a 10% interest in C4V, a US-based intellectual property company, with specialist expertise and patented discoveries in lithium-ion battery composition and manufacture.
The Boards of Magnis and Charge CCCV LLC (C4V) have now agreed that the remaining US$3 Million be paid via US$1 million in cash and the remaining US$2 million in the way of Magnis Shares.
The number of ordinary shares in the company that will be provided to C4V will be 7,507,508. This calculation was based on using a share price of $0.37 and using an exchange rate of one AUD equalling USD 0.72.
The company and C4V will also be co-developing intellectual properties and expertise in pursuit of select projects to drive shareholder value.
C4V brings extensive background in patented intellectual property in advanced lithium-ion materials that have been recognised for resolving major constraints in battery performance and is an equity holder in various manufacturing projects with Magnis that is pivotal to the company’s business development in the sector.
Commenting on the transaction, Shailesh Upreti, President of C4V says:
“Having worked closely with Magnis for more than three years, we are delighted to secure this strategic investment by Magnis and we look forward to our ongoing partnership to exchange expertise and assistance in establishing advanced lithium-ion battery technology.
"Synchronising cutting edge technology with bulk processing practices is already leading to a commercially viable solution for both organisations.”
Shailesh adds: “We have several major sales contracts in hand internally as well as via our consortium Imperium3 New York to make the supply chain more sustainable and we are rapidly gearing towards production next year.”
Magnis’ Chairman Frank Poullas comments:
“We are delighted to complete this transaction with C4V and join a team which continues to bring enormous benefits to Magnis including important expertise in the lithium-ion battery sector that will significantly enhance the development of our battery plants globally.”