Equity placement worth more than £3m for rare earth refinery developer

Pensana, which is developing a £150m rare earth refinery at Saltend, is to receive more than £3m worth of investment from one of its shareholders.

M&G Investment Management, a fund manager and longstanding Pensana shareholder, has agreed to invest $4m (£3.19m) in the company via a placement of 7,250,000 new ordinary shares of £0.001 each in the capital of Pensana, at a price of 44 pence per share.

Following admission of the placing shares to trading, M&G will have an interest in about 7.7% of the company’s enlarged issued share capital.

Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.

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