M&G and the Angolan Sovereign Wealth Fund invest a further US$10 million and request right to participate in future funding.
With the long-term funding for the Saltend and Longonjo Projects underway, two of the Company’s long-standing and major shareholders M&G Investment Management and the Angolan Sovereign Wealth Fund are investing a further US$10 million, increasing their combined holdings to 38.6%.
M&G, which is one of the UK’s leading investment institutions and Fundo Soberano de Angola “FSDEA”, the Angolan Sovereign Wealth Fund, remain strongly supportive of the Company and its business plan and have each requested the right to participate in any future equity or other fundraising on a pro-rata basis for the next two years.
Chairman, Paul Atherley noted:
“We are pleased to have the continued support of M&G and FSDEA, two of our major shareholders. This additional investment reflects their confidence in our strategy and growth prospects, and we are grateful for their ongoing commitment.
The fact that M&G and FSDEA have also requested the right to participate in any future equity raises is a clear endorsement of our business, demonstrating long-term alignment with our goals.
We look forward to progressing our Saltend and Longonjo projects, delivering the world’s first independent and sustainable magnet metal rare earth supply chain, and meeting the growing needs of OEMs.”
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.