14 SEPTEMBER 2022
("Pensana" or the
Further to the announcement dated 10
August 2022 in respect of the US$10.0
million investment in the Company by Fundo Soberano de
Angola (FSDEA), the Angolan
Sovereign Wealth Fund, by the subscription of 12,331,334 Ordinary
Shares of £0.001 each (“Subscription Shares”), Pensana announces
that the Board has issued the balance of 2,351,624 Subscription
Accordingly, application has been made for 2,351,624
Subscription Shares to be admitted to the Official List and to
trading on the Main Market of the LSE and Admission is expected to
occur on the LSE on or about 08:00 on 20
September 2022. The Subscription Shares will rank pari passu
with the existing Ordinary Shares in issue.
Following this issue, the Company’s issued share capital
consists of 247,930,873 Ordinary Shares. No shares are held in
treasury. Therefore, the total number of voting rights of the
Company is 247,930,873.
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.
The issue of the Subscription Shares will increase FSDEA’s
equity holding in the Company to 24.42%.
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No.596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public domain.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Paul Atherley (Chairman).
For further information, please
Tim George, Chief Executive
Rob Kaplan, Chief Financial
George Zacharias, Group Company
Gordon Simpson / Richard
About Pensana Plc
The electrification of motive power is by far the most important
part of the energy transition and one of the biggest energy
transitions in history. Magnet metal rare earths are central to the
transition away from internal combustion engines and critical to
electric vehicles and offshore wind turbines.
Pensana plans to establish Saltend as an independent and
sustainable processing hub supplying the key magnet metal oxides to
a market which is currently dominated by China. The US$195
million Saltend facility is being designed to produce 12,500
tonnes per annum of rare earth oxides, of which 4,500–5,000 tonnes
will be neodymium and praseodymium (NdPr), representing over 5% of
the world market in 2025.
Pensana’s plug-and-play facility is located within the
world-class Saltend Chemicals Park, a cluster of leading chemicals
and renewable energy businesses in the Humber Freeport and will
create over 500 jobs during construction and over 125 direct jobs
once in production.
It will be the first major separation facility to be established
in over a decade and will become one of only three major producers
located outside China.
Pensana is aiming to establish Saltend as an attractive
alternative for mining companies who may otherwise be limited to
selling their products to China,
having designed the facility to be easily adapted to cater for a
range of rare earth feedstocks.