Business
Drawdown of first USD 25 million of mine fina...
Drawdown of first USD 25 million of mine fina....
About this update from Pensana Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n15 May 2025 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION Pensana Plc(\"Pensana\" or the \"Company\") Drawdown of first USD 25 million of mine finance Pensana is pleased to announce that, further to the Longonjo Finance announcement of 18 March 2025 (\"the Financing\"), wherein the Company announced the approval for the full financing of the Longonjo Rare Earth Mine, the Company has now agreed the terms and timing for the deployment of the first USD 25 million equity tranche, as part of the Financing, to be deployed by the Angolan Sovereign Wealth Fund (\"FSDEA\") at subsidiary level into Ozango Minerais SA. Additionally, FSDEA has agreed the terms for the conversion into Pensana equity of the USD 15 million bridging loan, previously advanced over the past 18 months to facilitate early-stage construction at Longonjo, into equity (\"the Conversion Shares\"). Subject to regulatory and shareholders approvals, the Company will be looking to apply for the Conversion Shares to be admitted to listing on the standard listing segment of the Official List of the Financial Conduct Authority (the \"FCA\") and to trading on the main market for listed securities of London Stock Exchange plc (the \"London Stock Exchange\") (\"Admission\"). Paul Atherley, Chairman of Pensana, commented:\"We are extremely grateful to the Angolan Sovereign Wealth Fund for its ongoing support for the development of the Longonjo project. Longonjo is the world's largest and highest-grade undeveloped magnet metal rare earth project.Its development will generate hundreds of local high value jobs, give work to many local businesses and once in production will generate substantial fiscal returns for the Angolan government. Having already established the camp and site infrastructure the USD 25 million drawdown will allow main construction to commence and will put Angola on the map as a major player in the global rare earth supply chain.\"Summary of the terms of the TransactionConversionPursuant to the USD 15 million Loan Facility entered into between the Company and FSDEA's wholly owned subsidiary, ASF Yova Mining Holding Limited (\"ASF Yova\"), on 7 August 2023 (\"the Facility\"), the Company and ASF Yova have conditionally agreed, subject to final FSDEA Board approval, that the amount of USD 15 million outstanding ...