Pensana receives US$4 million investment from M&G

Pensana plc (LON:PRE) has announced that M&G Investment Management, one of the UK’s largest fund managers and a long standing Pensana shareholder, has agreed to invest US$4 million (£3.19 million) in the Company by way of 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 approximately 7.7% of the Company’s enlarged issued share capital.

Pensana Chairman, Paul Atherley noted:

“We very much appreciate M&G’s continuing support as a major shareholder over the past 12 months. Initial site works are underway at Saltend and Longonjo, and this additional investment will take us through to main financing and the commencement of main construction at both projects during Q1 of 2023.  We look forward to delivering on the strong support from major shareholders and developing an independent and sustainable rare earth supply chain based in the UK to meet the burgeoning demand from automotive and wind turbine OEMs.”

Application has been made for the Placing Shares to be admitted to the Official List (Standard Listing Segment) and to trading on the London Stock Exchange’s Main Market for listed securities. Admission is expected to occur on or about 8.00 a.m. on Thursday 5 January 2023 (“Admission”). The Placing Shares will rank pari passu in all respects with each other and with the existing Ordinary Shares, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue. 

Following Admission, the Company’s issued share capital will consist of 255,180,873 Ordinary Shares. No shares are held in treasury and, therefore, the total number of voting rights of the Company on Admission will be 255,180,873. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

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