Two major shareholders in Pensana, the company building a rare earth plant at Salted near Hull, have agreed to invest a further US$10 million in aggregate in the Company which will increase their combined holdings to 38.6%.
They are M&G Investment Management and the Angolan Sovereign Wealth Fund both of whom remain strongly supportive of the Company and its business plan and have each requested and been granted the right to participate in any future equity or other fund raising undertaken by the Company on a pro rata basis for the next two years.
Chairman Paul Atherley noted: “This additional investment reflects their confidence in our strategy and growth prospects, and we are grateful for their ongoing commitment.
“The fact that M&G and FSDEA have also requested the right to participate in any future equity raises is a clear endorsement of our business, demonstrating long-term alignment with our goals.
“We look forward to progressing our Saltend and Longonjo projects, delivering the world’s first independent and sustainable magnet metal rare earth supply chain and meeting the growing needs of OEMs.”
