Genmin's compliance with ASX reinstatement conditions

Genmin Limited (ASX: $GEN) has confirmed its compliance with the reinstatement conditions set by ASX Limited (ASX) in response to the conditional reinstatement letter dated 21 February 2024. The company has issued the remaining securities under tranche 2 of the proposed placement to raise up to $13.2 million and detailed the results of the pro rata non-renounceable entitlement offer of 1 new share for every 3 shares held at an issue price of $0.10 per new share to raise approximately $15.1 million. Genmin has also received cleared funds for the complete amount of the issue price of every fully paid security issued pursuant to the Placement and the Entitlement Offer.

Executive commentary on compliance and future plans

As set out in the Prospectus and the Company's Equity Raising Presentation released to the ASX on 7 February 2024, the Company has a clearly outlined level of operations and activity over the next 12-18 months, especially at its 100% owned Baniaka iron ore project. The funds raised from the Entitlement Offer and Placement are planned to be used for corporate, project, and operating costs, including finalizing binding offtake agreements and project build financing. The Company confirms its compliance with ASX Listing Rule 12.1 and 12.2, demonstrating its readiness to carry out its objectives and providing the necessary financial position and working capital to support its business activities.

Summary of Genmin's compliance and future outlook

Genmin Limited (ASX: $GEN) has successfully satisfied the reinstatement conditions set by ASX Limited, ensuring compliance with listing rules and demonstrating its financial readiness to pursue its business objectives. The company's focus on the Baniaka iron ore project and its plans to increase production scale over time indicate its ambitions for growth and development. Genmin's engagement in discussions with potential financing partners also reflects its strategic approach to securing the necessary resources for its operations. The confirmation of compliance with legal, regulatory, and contractual requirements further strengthens the company's position for future activities. With a clear roadmap for the utilization of raised funds and a positive outlook for its projects in Gabon, Genmin remains poised for continued progress and development in the African iron ore market.