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IRW-News: Pensana Rare Earths: Successful capital raising with support from Angolan Sovereign Wealth Fund and update regarding listing on the London Stock Exchange
11/03/20, 15:54 dpa-AFXIRW-PRESS: Pensana Rare Earths: Successful fundraising with support from Angolan Sovereign Wealth Fund and update regarding listing on the London Stock Exchange
March 11, 2020 - Pensana Rare Earths PLC (ASX: PM8) (the company) is pleased to announce that it is through Fundo Soberano do Angola (FSDEA), the Angolan sovereign wealth fund that currently manages a substantial portfolio of investments, that spanned just over two million Australian dollars across different industries and asset classes, including the mining industry.
The FSDEA has agreed to subscribe to 7,648,670 common shares of the company at a price of $ 0.27 per share to generate gross income of $ 2,065,141 million before expenses.
Upon completion, the FSDEA will become a significant strategic investor in the company and hold approximately 4.8 percent of the company's expanded share capital.
The funds raised will be used to carry out the final feasibility study for the company's Longonjo flagship project and to provide working capital.
The 7,648,670 fully paid-up ordinary shares will be issued within the Company's placement ability in accordance with ASX Listing Rule 7.1.
The company's planned listing on the LSE is now expected to be completed by the end of the next quarter, depending on market conditions and the receipt of appropriate regulatory approvals.
Paul Atherley, Chairman of Pensana Rare Earths, said:
The Longonjo project is the first major mining project to be developed in Angola in a long time.
The project is tapped as one of the world's largest upstream suppliers of magnetic metals that are critical to the energy transition, with strong demand expected from manufacturers of electric vehicles and offshore wind turbines.
It will create jobs and provide an economic incentive at a time when the Angolan government is actively trying to attract foreign investment to diversify the economy.
We welcome the support of the Angolan Sovereign Wealth Fund and look forward to working closely with the FSDEA as a significant strategic investor in the development of the Longonjo project.
Carlos Lopes, Chairman of the FSDEA, said:
The FSDEA as an Angolan sovereign wealth fund strives to play an important role in supporting Angola's socio-economic development. Pensana Rare Earths and the Longonjo project have the potential to generate long-term financial and sustainable returns in Angola and for the Angolan people.
We are therefore looking forward to our first investment in the company and to the continued support and cooperation with the company and its management in the development of this important national project.
For more information, please contact Tim George (CEO) at:
[email protected]
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