Magnis Energy Technologies (ASX:MNS) reached an agreement with its lender, McEvoy Street, to amend the terms of their debt agreement, according to a Tuesday filing with the Australian bourse.

Under the revised terms, the principal amount owed has increased to AU$6.8 million from AU$5.5 million, the filing said.

The additional funds will be used to repay AU$709,000 in unsecured short-term borrowings from certain shareholders, the filing added.

The loan term has also been extended to April 30, 2025, the company said.