Pensana Plc (LSE: PRE), the rare earth development company, has announced a share placing with long-term major shareholders, issuing 5,000,000 new ordinary shares at £0.40 each to raise £2 million in gross proceeds. The announcement, dated 10 November 2026, also confirms that Cascade Natural Resources Limited has been granted an extension to finalise its next funding tranche under a US$165 million overall commitment. Investors will be watching the progress of Cascade's funding closely, given that only US$15 million of the total commitment has been drawn so far.

Key Points

  • Pensana Plc (LSE: PRE) is a rare earth development company listed on the Main Market of the London Stock Exchange.
  • The company has placed 5,000,000 new ordinary shares at £0.40 per share, raising £2 million gross, with long-term major shareholders.
  • Admission to the LSE Official List is expected at or around 08:00 on 16 November 2026, with the new shares ranking pari passu with existing shares.
  • Investors should monitor whether Cascade Natural Resources finalises its next tranche under its US$165 million overall commitment.

Pensana Places Shares With Long-Term Shareholders at £0.40 to Raise £2 Million

Pensana has concluded a subscription agreement with existing long-term major shareholders for the issue of 5,000,000 new ordinary shares of £0.001 each at a price of £0.40 per share, generating gross proceeds of £2 million. The announcement states that application will be made for these shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange. Admission is expected to take place at or around 08:00 on 16 November 2026. The new shares rank pari passu with the company's existing ordinary shares in issue.

Cascade Natural Resources Extension Granted as US$165 Million Commitment Remains Largely Unfunded

Cascade Natural Resources Limited, which carries an overall funding commitment of US$165 million to Pensana, has so far invested US$15 million of that total. The announcement states that Pensana has granted Cascade an extension to finalise its next funding tranche, following a financing update previously issued on 26 October 2026. The share placing with existing major shareholders appears to have been concluded to bridge the company's near-term funding requirements whilst the Cascade tranche is finalised. The gap between committed and deployed capital — US$150 million remaining — represents a significant variable for investors to monitor.

Pensana's Total Voting Rights and Issued Share Capital Following the New Issue

Following the issue of the 5,000,000 new ordinary shares, Pensana's total issued share capital will consist of 358,515,226 ordinary shares. The company confirms that no shares are held in treasury, meaning the total number of voting rights stands at 358,515,226. The announcement notes that this figure may be used by shareholders as the denominator for calculations required under the Financial Conduct Authority's Disclosure and Transparency Rules. The information was classified as inside information under Market Abuse Regulation EU No.596/2014, with Paul Atherley, Chairman, named as the person responsible for releasing the announcement.