Fundo Soberano de Angola Invests More into Pensana Rare Earths

Posted on 09/26/2020

Fundo Soberano de Angola (FSDEA) agreed to make another equity investment into Pensana Rare Earths Plc in the amount around US$ 8.6 million. The capital will be used to advance the Longonjo project. The investment follows the FSDEA’s earlier investments in Pensana Rare Earths in March and June 2020 and will boost FSDEA’s equity holding in Pensana from 17.7% to 23.1%. These shares will rank pari passu with the existing Ordinary Shares in issue.

FSDEA has agreed to subscribe for a further 13,500,000 ordinary shares to be issued at £0.5021 pence per share (A$ 0.91 cents per share) conditional upon Admission of those shares to the Official List (Standard Segment) and to the LSE’s Main Market for listed securities. The subscription will raise gross proceeds of approximately US$ 8.6 million (A$ 12.23 million).