MGL to build 30ktpy cathode material production line

MGL (Mengguli) announced on September 3 that it has received approval from the China Securities Regulatory Commission (CSRC) for its private placement of shares to specific investors.

According to the revised offering prospectus, the company plans to issue shares to no more than 35 designated investors, including its controlling shareholder, Hengtong New Energy Technology Co., Ltd. The total proceeds are capped at RMB866 million (USD129.05 million). After deducting issuance expenses, the net funds will be allocated as follows: RMB736 million (USD109.68 million) or the phase I construction of a 30,000tpy lithium-ion battery cathode material production facility, and RMB130 million (USD19.37 million) to supplement working capital.