https://www.engineeringnews.co.za

Angolan wealth fund invests further $8.6m in Pensana

28th September 2020

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Angolan sovereign wealth fund Fundo Soberano de Angola (FSDEA) has committed to a further $8.6-million equity investment in junior miner Pensana Rare Earths.

The investment will be used to advance the Longonjo project, in Angola, as the first major rare earth mine to be developed in over a decade and to provide general working capital.

The fund has agreed to subscribe for a further 13.5-million ordinary shares to be issued at 0.5021p (A$0.91) a share, conditional upon admission of those shares to the official list and to the LSE’s main market for listed securities.

The subscription will raise gross proceeds of about $8.6-million, and admission is expected to occur on October 1.

Application will also be made for the admission of these shares to the ASX, which is expected to occur on October 2.

Following this issue, the company’s issued share capital will consist of over 203-million ordinary shares.

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 Pensana from 17.7% to 23.1%. 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Columbus Stainless
Columbus Stainless

Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.057 1.065s - 140pq - 2rq
Subscribe Now