I think it's a quick boost.  As I read it, you use it to instantly restore a small (5% maybe?) portion of a target's mana.  It sounded like you can't use it on yourself; thus, everyone else needs to have it to use on the magi!

(Mental image of Dubstepp and Karma holding hands, casting Chakra Magic back and forth as soon as the cooldown finishes, using each free hand to cast their other spells.)