Gabon iron-ore firm Gemin to raise A$10m
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.
…
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation