London-listed Pensana has announced that Chairperson Paul Atherley has sold 1.5 million ordinary shares to provide additional working capital for the company.
This move follows a £2 million facility made available to the company by two of its directors in March. The proceeds from the sale will be used to contribute £250,000 under this facility, supporting the company while it finalizes its primary fundraising for the Longonjo rare earths refinery project in Angola.
To avoid incurring interest costs, Pensana stated on July 23 that it intends to settle the resulting amount due under the facility promptly.
The company plans to do this by issuing Atherley’s 1.5 million ordinary shares at an effective price of 17p per share.
An application will be made to have the repayment shares admitted to the official list and to trading on the main market of the London Stock Exchange (LSE). Admission is expected to occur on the LSE on July 26.
The repayment shares will rank equally with the existing ordinary shares in issue. Following the issue of the repayment shares, Atherley’s beneficial holding will change to 4.98%.
Upon admission, the company’s issued share capital will consist of approximately 290.2 million ordinary shares, with no shares held in treasury.
Therefore, the total number of voting rights in the company will be about 290.2 million.
After issuing the repayment shares to repay the £250,000 debt due under the facility, the remaining balance available under the facility will be reduced to £1.75 million.
