Later this week an investment of £3.19m in Pensana by M&G Investment Management will take place through the 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 (the “Placing Price”).
It’s a move which will mean M&G will have an interest in about 7.7% of the Company’s enlarged issued share capital.
Pensana Chairman Paul Atherley said: “We very much appreciate M&G’s continuing support as a major shareholder over the past 12 months. Initial site works are under way 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 this year’s first quarter.
“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.”
M&G has its HQ in the City of London. Since its de-merger from Prudential plc, it has been listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
