Join our daily newsletter At The Bell to receive exclusive market insights
- Pensana Rare Earths (PM8) has secured a further investment of over $7 million from the Angolan Sovereign Wealth Fund
- The wealth fund has purchased 13.2 million Pensana shares for 27.3 cents each
- Funds from the investment will be used to develop the Longonjo Project in Angola
- The company is aiming to complete a bankable feasibility status at the project later this year
- The companies are also in discussions about a further US$10 million in funding
- Pensana is down 5.71 per cent on the market today and is selling shares for 33 cents each
Pensana Rare Earths (PM8) has secured a further investment of $7.25 million from the Angolan Sovereign Wealth Fund.
Fundo Soberano de Angola (FSDEA) has purchased 13.2 million Pensana shares for 27.3 cents each.
Funds from the investment will be used for the Longonjo Project in Angola. The company is aiming to complete a Bankable Feasibility Status at the project later this year. It is also aiming to undertake a listing on the London Stock Exchange and the FCA’s Official List, which is planned for next month, subject to regulatory approvals.
The companies are also in discussions about a further US$10 million in funding, with a structure to be agreed on.
Pensana Chairman Paul Atherley is pleased with the financial support from FSDEA, which follows the recent approval of the mining licence and the fiscal terms at Longonjo.
“This strong financial backing enables the company to complete the engineering
design and testwork to bring the Longonjo Project to Bankable Feasibility Status
over the next few months,” he said.
“Subject to regulatory approvals, the planned listing on the main market for listed
securities of the London Stock Exchange will give the company access to the burgeoning ESG and generalist funds looking to gain exposure to the metals
critical to energy transition at a time when billions of dollars are being invested
in electric vehicles and offshore wind,” he added.
Pensana is down 5.71 per cent on the market today and is selling shares for 33 cents each at 11:42 am AEST.
