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Africa|Iron Ore|PROJECT|Projects
Africa|Iron Ore|PROJECT|Projects
africa|iron-ore|project|projects

Gabon iron-ore firm Gemin to raise A$10m

4th October 2024

By: Creamer Media Reporter

     

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ASX-listed, Africa-focused iron-ore company Genmin has received firm commitments to raise A$10-million through a two-tranche placement and executed an arm’s length $1-million working capital financing with its major shareholder Tembo Capital.

The placement will comprise 200-million new shares at A$0.05 a share, as well as 210-million unlisted options with an exercise price of A$0.075.

Tembo has committed to subscribe for A$1.45-million new shares in the second tranche of the placement, subject to receipt of all regulatory approvals, and will set off the subscription amount for the issue of new shares against its loan facility.

The placement will provide funding to meet corporate costs and provide general working capital while advancing discussions on project financing for its flagship Baniaka project.

Genmin’s Baniaka and nearby Bakoumba iron-ore projects are in south-east Gabon and provide an emerging iron-ore hub near the Haut-Ogooué provincial capital city of Franceville.

The company proposes to develop Baniaka at an initial rate of five-million tonnes a year and to increase scale over time to at least ten-million tonnes a year. Commercial production is targeted for the second half of 2025 with project-build financing the next milestone to be achieved. Genmin is engaged in discussions with several potential financing partners.

Edited by Creamer Media Reporter

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