M&G and Angolan sovereign wealth fund Fundo Soberano de Angola (FSDEA) have agreed to inject an additional $10m in UK-based rare earth exploration and development firm Pensana.
The two are Pensana’s key shareholders and the fresh infusion will raise their combined interest in the business to 38.6%.
Besides, the duo also requested for the right to take part in future equity or other fundraise carried out by the firm over the coming two years.
M&G conditionally agreed to infuse around $5m by placing 15 million new ordinary shares at 27.5p a share.
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.