As per the company update of September 20, 2017, the securities of Magnis Resources (ASX: MNS) have been suspended from quotation immediately, at the request of the Company, pending the release of an announcement that relates to government support and funding towards the lithium-ion battery manufacturing facility in New York.
This has come after the announcement of September 18, 2017, wherein the company’s securities were being placed in a trading halt session state until the earlier of the commencement of normal trading on 20 September 2017 or when the announcement is released to the market.
Magnis had lately provided an update on the Townsville Lithium-ion battery Gigafactory with Qld Premier Annastacia Palaszczuk publicly expressing support for the project following the submission of a scoping study that demonstrated the project’s positive economic impact. Meanwhile, the group has signed a Memorandum of Understanding (MOU) with German Lithium-ion battery consortium TerraE-Holding GmbH (TerraE) for the supply of raw materials to the TerraE Gigafactories.
MNS stock has been down 16.7% in last three months (as at September 15, 2017).
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