Pensana PLC on Friday said Angolan Sovereign Wealth Fund will make a further $10.0 million equity investment into the London-based miner.
Angolan Sovereign Wealth will subscribe to an additional 12.3 million shares at 66.70 pence each. The issue price is a 5.9% premium to Pensana’s closing price on Thursday of 63.00p, being the last business day before the announcement. This will increase Angolan Sovereign Wealth’s holding in the company to 24%.
On Friday morning, the company’s shares were trading 3.9% higher at 63.40p each in London.
Pensana said that the funds will go towards the early-stage development of its Longonjo project, which is now underway. This includes the establishment of its construction camp, site offices and associated infrastructure ahead of main plant construction activity in 2023.
Pensana Chair Paul Atherley said: ‘The ongoing support for the project by the Angolan Sovereign Wealth Fund demonstrates the Angolan government‘s commitment to Longonjo.’
‘It also highlights the economic and social potential of this flagship project, as part of efforts to diversify the Angolan economy away from oil and gas towards mining, tourism and agriculture,’ Atherley added.
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