Magnis Energy Announces Loan Update and Board Reshuffle

Magnis Energy Technologies Limited (AU:MNS) has released an update.

Magnis Energy Technologies Ltd has updated its financial situation by announcing the transfer of a $5.5 million secured, short-term loan to McEvoy Street Pty Ltd, with a maturity date of 16 October 2024 and an interest rate of 4.5% per month. Additionally, the company has reshuffled its board, appointing David Wang as an executive director to enhance business development in China, particularly with battery manufacturers, while Mr Fabrizio Perilli has resigned to focus on other business interests.

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