According to Mining News Pro - The ASX-listed company has inked a deal with Boston Opportunities No1 to acquire its entire shareholding in the iM3 plant for $350 000, with funds to be paid by the end of June this year.

An additional $150 000 bonus payment will be made to Boston Opportunities on the condition that the plant successfully secures project finance or a joint venture agreement with an offtake partner within a 12 month period.

Magnis chairperson Frank Poullas said on Monday that the company was committed to see the New York project through to production.

“Recent news events have highlighted the currant shortage of lithium-ion cells in the marketplace and we have an opportunity to take advantage of this situation. We look forward to providing an update in the near future regarding the progress of our project with an emphasis on financing.”