21 December 2022 
                                  Pensana Plc 
                         ("Pensana" or the "Company") 
                US$4 Million Equity Placement to M & G Investment Management 
Pensana announces that M&G Investment Management ("M&G"), one of the UK's 
largest fund managers and a long standing Pensana shareholder, has agreed to 
invest US$4 million (£3.19 million) in the Company by way of a placement of 
7,250,000 new ordinary shares of £0.001 each in the capital of Pensana 
("Ordinary Shares") (the "Placing Shares") at a price of 44 pence per share 
(the "Placing Price"). Following admission of the Placing Shares to trading M&G 
will have an interest in approximately 7.7% of the Company's enlarged issued 
share capital. 
Pensana Chairman, Paul Atherley noted: 
"We very much appreciate M&G's continuing support as a major shareholder over 
the past 12 months. Initial site works are underway at Saltend and Longonjo, 
and this additional investment will take us through to main financing and the 
commencement of main construction at both projects during Q1 of 2023.  We look 
forward to delivering on the strong support from major shareholders and 
developing an independent and sustainable rare earth supply chain based in the 
UK to meet the burgeoning demand from automotive and wind turbine OEMs." 
Application has been made for the Placing Shares to be admitted to the Official 
List (Standard Listing Segment) and to trading on the London Stock Exchange's 
Main Market for listed securities. Admission is expected to occur on or about 
8.00 a.m. on Thursday 5 January 2023 ("Admission"). The Placing Shares will 
rank pari passu in all respects with each other and with the existing Ordinary 
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 Company's issued share capital will consist of 
255,180,873 Ordinary Shares. No shares are held in treasury and, therefore, the 
total number of voting rights of the Company on Admission will be 255,180,873. 
This 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 Guidance and Transparency Rules. 
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). 
- ENDS - 
For further information, please contact: 
Shareholder/analyst enquiries: 
Pensana Plc 
Paul Atherley, 
Tim George, Chief Executive Officer 
Rob Kaplan, Chief Financial Officer 
George Zacharias, Group Company Secretary 
Media enquiries: 
FGS Global: 
Gordon Simpson / Richard Crowley 
About Pensana Plc 
The electrification of motive power is the most important part of the energy 
transition if we are to tackle climate change and one of the biggest energy 
transitions in history. Magnet metal rare earths are central to that 
transition, forming a critical part of the technology for efficient electric 
vehicle motors and offshore wind turbines. 
Pensana plans to establish its Saltend processing hub as an independent and 
sustainable supplier of the key rare earth magnet metal oxides to a market 
which is currently dominated by China. 
The US$195 million Saltend facility is being designed to produce circa 12,500 
tonnes per annum of rare earth products, of which 4,500 tonnes will be 
neodymium and praseodymium oxide (NdPrO), 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. 
Powered by low-carbon offshore wind, it will be the first major separation 
facility to be established in over a decade and will become one of the few 
major producers located outside China. 
Feedstock will be shipped as a clean, high purity mixed rare earth sulphate 
(MRES) from the Company's Longonjo low-impact operations in Angola. The mine's 
state-of-the-art concentrator and proprietary MRES processing plant are 
designed by Wood to the highest international standards. 
The operations will be powered by renewable energy from hydroelectric power and 
connected to the Port of Lobito by the recently upgraded Benguela railway line. 
Pensana believes that provenance of critical rare earth materials supply, life 
cycle analysis and GHG Scope 1, 2 and 3 emissions will all become significant 
factors in supply chains for major customers. 
The Company intends to offer customers an independently and sustainably sourced 
supply of the metal oxides and carbonates of increasing importance to a range 
of applications central to addressing the energy transition. 
Pensana is also aiming to establish Saltend as an attractive alternative to 
mining houses that 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. 

(END) Dow Jones Newswires

December 21, 2022 02:00 ET (07:00 GMT)

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