Key Pensana shareholders provide further investment

Major shareholders in rare earth exploration and development company Pensana have agreed to invest an additional $10m in the business for an increased stake.

M&G Investment Management (M&G) and the Angolan Sovereign Wealth Fund have agreed to invest a further $10m (£8m) in aggregate in the company, which will increase their combined holdings to 38.6 per cent.

They have also requested and been granted the right to participate in any future equity or other fund raising undertaken by the company on a pro rata basis for the next two years.

Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.

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