Pensana receives new equity investment from Angolan Sovereign Fund

Pensana plc (LON:PRE) announced that Fundo Soberano de Angola (FSDEA), the Angolan sovereign wealth fund, will make an additional investment in the company of US$10.0 million.

These funds will be directed to the Longonjo Project Preliminary Works Program which is currently underway, including:

  • Establishment of construction camp, site offices and associated infrastructure prior to main plant construction activity in 2023
  • Completion of the detailed design of the concentrator and the rare earth mixed sulphate plants
  • Detailed design of mine HV/LV substation and hydroelectric transmission line link establishment works
  • Railside unloading facilities for building materials and
  • Agricultural Livelihood Restoration Activities

This investment follows FSDEA’s previous investments in Pensana over the past two years and will increase FSDEA’s stake in the company to 24.42%, subject to necessary regulatory approvals.

FSDEA will subscribe for 12,331,334 ordinary shares at a price of £0.667 per share (US$0.811 per share) (Subscription Shares), to raise US$10.0 million (£8.23 million) subject to the admission of such shares to the official list (standard segment) and the main market of the LSE for listed securities.

Fundo Soberano de Angola President Carlos Alberto Lopes said:

“This additional investment is an expression of the Angolan Sovereign Wealth Fund’s continued support for the Longonjo project, for what it represents for Angola’s participation in a sector of critical importance to the green economies narrative, as well as for the positive impact it will have for Angola, from the socio-economic point of view.

Pensana President Paul Atherley said:

“We greatly appreciate the continued support of the Angolan Sovereign Wealth Fund, which will enable the recently appointed project delivery team to accelerate the development of the Longonjo project.

The continued support for the project by the Angolan Sovereign Wealth Fund demonstrates the Angolan government’s commitment to Longonjo. It also highlights the economic and social potential of this landmark project, as part of efforts to diversify Angola’s economy from oil and gas to mining, tourism and agriculture.

Application has been made for the Subscriber Shares to be admitted to official listing (standard listing segment) and to trading on the main market of the London Stock Exchange for listed securities. Admission is expected to be Thursday, August 11, 2022 at approximately 8:00 a.m. The Subscriber Shares will rank pari passu in all respects with each other and with the Existing Common Shares, including, without limitation, the right to receive all dividends and other distributions. declared, made or paid after the date of issue.

Following Admission, the issued share capital of the Company will consist of 247,930,873 Ordinary Shares. No shares are held in treasury and, consequently, the total number of voting rights of the Company upon Admission will be 247,930,873. This figure may be used by shareholders as the denominator for calculations by which they will determine whether they are required to notify their interest or a change in their interest in Pensana under the Financial Conduct Authority’s disclosure guidelines and transparency rules. .

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