Business
Issue of equity to Angolan Sovereign Wealth Fund
Issue of equity to Angolan Sovereign Wealth Fund.
About this update from Pensana Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2064A\n Pensana Rare Earths PLC\n 25 September 2020\n \n \n \n \n \n \n \n 25 September 2020\n \n \n Issue of equity to Angolan Sovereign Wealth Fund to raise\nUS$8.6 million\n \n \n Pensana Rare Earths Plc (LSE:PRE,ASX: PM8) (the Company) is pleased to announce that Fundo Soberano de Angola (\"FSDEA\"), the Angolan Sovereign Wealth Fund has today agreed to make a further equity investment in the Company of approximately US\n $8.6 million.\n \n \n \n The investment will be used to advance the Longonjo project as the first major rare earth mine to be developed in over a decade and to provide general working capital.\n \n \n The investment follows the FSDEA's earlier investments in the Company in March and June this year and will increase the Fund's equity holding in the Company from 17.7% to 23.1%. These shares will rank pari passu with the existing Ordinary Shares in issue.\n \n \n The Fund has agreed to subscribe for a further 13,500,000 ordinary shares to be issued at £0.5021 pence per share (A$0.91 cents per share) conditional upon Admission of those shares to the Official List (Standard Segment) and to the LSE's Main Market for listed securities. The subscription will raise gross proceeds of approximately US$8.6 million (A$12.23 million). \n \n \n Accordingly, application has been made for the 13,500,00 New Ordinary Shares to be admitted to the Official List (Standard Segment) and to trading on the Main Market of the LSE (\"Admission\") and Admission is expected to occur on or around 8am on Thursday 1 October 2020.\n \n \n Application will also be made for the admission of these shares to the Australian Securities Exchange which is expected to occur on Friday 2 October 2020. \n \n \n Following this issue, the Company's issued share capital will consist of 203,095,822 Ordinary Shares. No shares are held in treasury. Therefore, the total number of voting rights of the Company will be 203,095,822.\n \n \n The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules\n .\n \n \n This announcement contains inside information for the...