Pensana chairperson sells 1.5m shares to provide working capital for the company
London-listed Pensana has announced that, further to the £2-million facility made available to the company by two of its directors in March, chairperson Paul Atherley has sold 1.5-million ordinary shares and will use the proceeds to make £250 000 available under the facility as working capital support to the company while it finalises its main fundraising for the Longonjo rare earths refinery project in Angola.
To avoid incurring interest costs, Pensana indicated on July 23 that it wishes to settle the ensuing amount due under the facility as soon as possible and intends to do so by issuing Atherley’s 1.5-million ordinary shares – being equal to the number sold by him – at an effective price of 17p an ordinary share.
As such, an application will be made for the repayment shares to be admitted to the official list and to trading on the main market of the LSE. Admission is expected to occur on the LSE on July 26.
The repayment shares will be equally ranked with the existing ordinary shares in issue. Following the issue of the repayment shares, Atherley's beneficial holding will change to 4.98%, Pensana said.
Upon admission, the company's issued share capital will consist of about 290.2-million ordinary shares. No shares are held in treasury.
Therefore, the total number of voting rights of the company from admission will be about 290.2-million.
Following the issue of the repayment shares to repay the £250 000 debt due under the facility, the balance available under the facility will reduce to £1.75-million.
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