Pensana’s shareholders reaffirm support ahead of Nasdaq listing
The Angolan Sovereign Wealth Fund (FSDEA) has agreed to a staged conversion of a $15-million bridging loan to manage its ownership percentage in London-listed Pensana, while supporting the inclusion of new institutional investors ahead of the company’s proposed Nasdaq listing in mid-2026.
In May, the company announced the terms and timing of the first $25-million equity tranche, forming part of the financing package for the Longonjo rare earths mine in Angola, with funds to be deployed at subsidiary level into Ozango Minerais.
FSDEA has also agreed the terms for the conversion of the $15-million bridging loan into Pensana equity. The loan was advanced over the past 18 months to facilitate early-stage construction at Longonjo.
Meanwhile, Pensana’s second largest shareholder, M&G Investment, has reaffirmed its support for the company’s plans to develop a US-focused mine to magnet supply chain, secure $100-million from a strategic investor and pursue a Nasdaq listing investing a further £5-million in the company.
“We very much welcome the ongoing support from the company’s two largest shareholders for the US-focused mine to magnet strategy and for the proposed Nasdaq listing mid-2026.
“The integration of Longonjo into a world-class major mine to magnet supply chain via the Lobito Corridor has the potential to put Angola on the map as a major long term and reliable supplier of rare earths at a time when the US is looking to realign dependency away from a single source,” Pensana chairperson Paul Atherley comments.
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