Pensana (LON: PRE) shares jumped 5% at the open Wednesday on the back of news that M&G Investment Management will invest $4 million (£3.19 million) in the company.
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M&G’s share price is up around 1% at the time of writing. Despite Pensana’s rise this morning, its stock is still down over 50% in 2022.
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One of the UK’s largest fund managers and a long-standing Pensana shareholder, M&G, will invest in Pensana via a placement of 7.25 million new ordinary shares at a price of 44p per share.
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Once the deal is completed, M&G will have an approximately 7.7% stake in Pensana’s enlarged issued share capital.
“We very much appreciate M&G’s continuing support as a major shareholder over the past 12 months,” commented Pensana Chairman Paul Atherley.
Atherley added that initial site works are underway at the company’s Saltend and Longonjo projects, with the additional investment taking it through to the main financing and the commencement of main construction at both projects during the first quarter 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,” added Atherley.
Following the admission, Pensana issued share capital will consist of 255,180,873 ordinary shares.
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