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Pensana Metals substantial shareholder FIL lifts interest to 10%

FIL Investments International has made share purchases and participated in a placement.

Increasingly high stacks of coins
FIL now holds more than 146.215 million shares

Pensana Metals Ltd (ASX:PM8) substantial shareholder UK-based investor FIL Limited has boosted its interest in the company to 10% through share purchases and placement participation.

FIL Investments International increased its holding from 5.03% in two purchases totalling 3.45 million shares and through participation in a placement for more than 81.749 million shares.

The investor based in Tonbridge, Kent, now holds more than 146.215 million shares which at Friday morning’s price on the ASX is valued in excess of A$3.947 million.

READ: Pensana Metals progresses Longonjo NdPr Project in Angola towards PFS in September

Pensana has a globally substantial neodymium-praseodymium (NdPr) deposit at the Longonjo project in Angola with an inferred mineral resource of 240 million tonnes at 1.60% rare earth oxides (REO).

Longonjo is one of the world’s largest and highest-grade rare earth projects with the added advantage of proximity to major rail, power and port infrastructure.

READ: Pensana Metals obtains commitments for $5 million to progress Longonjo PFS

Last week the company received firm commitments for a private placement of 250 million fully paid shares to raise A$5 million.

The funds will be used to advance a pre-feasibility study (PFS) by Wood Group into the development of the Longonjo NdPr Project.

In welcoming the interest, Pensana chief executive Tim George said: “The strong institutional support reflects the interest in rare earths as an exposure to the electric vehicle sector.

“It also supports our ambition to capitalise on Longonjo’s grade and infrastructure advantages to become the world’s next major supplier to this critical sector.”

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ASX:PM8
Market: ASX
Market Cap: $29.47 m
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Pensana CEO highlights project's proximity to key infrastructure as PFS work...

Proactive London sits down with the chief executive of Pensana Metals Ltd (ASX:PM8) Tim George. George has more than 30 years’ experience in the mining and engineering industry and has spent over a decade in production management roles at various Anglo American plc (LON:AAL) operations in...

on 26/7/19

2 min read