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Genmin Ltd. ( (AU:GEN) ) has shared an announcement.
Genmin Limited has successfully secured commitments to raise approximately A$25.7 million through a two-tranche placement to institutional, sophisticated, and professional investors. This capital will be used to advance the Baniaka iron ore project towards a final investment decision, complete a pre-feasibility study addendum, and cover corporate costs. The participation of directors in the placement, through loan conversions, underscores the board’s confidence in the project’s potential. The funds will also help repay company creditors and cover placement costs, positioning Genmin to execute project financing and commence the project build under the leadership of Executive Chair Greg Lilleyman.
More about Genmin Ltd.
Genmin Limited is an emerging African iron ore producer focused on the development of its Baniaka iron ore project. The company is engaged in the exploration and development of iron ore resources, aiming to advance its projects towards production and capitalize on the growing demand for iron ore.
Average Trading Volume: 844,374
Technical Sentiment Signal: Sell
Current Market Cap: A$19.52M
For a thorough assessment of GEN stock, go to TipRanks’ Stock Analysis page.