UK fund manager M&G Investment Management will invest a further $4-million in Pensana, which is focused on establishing a sustainable magnet metal supply chain.
Pensana will issue 7.25-million new shares to M&G, which is already a shareholder in the company.
Following this investment, M&G will hold 7.7% of Pensana’s shares in issue.
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.