Genmin resumes trading on ASX and completes $23.4M fundraising

Genmin Limited (ASX: $GEN) has recommenced trading on the ASX after completing a $23.4 million fundraising. The fundraising, which included a Placement and Entitlement Offer, has left the company debt-free and with approximately $13.2 million in cash. The company's focus now shifts to finalizing project build financing and commencing the development of Baniaka, with commercial production targeted for mid-2025.

Executive Commentary on Genmin's Recent Developments

We are delighted our shares resumed trading on ASX today after a seven-month hiatus and also to have completed a $23.4 million fundraising. Today, we have the mining approvals needed to build and operate Baniaka, we have cleared all loan debt, and we have cash to support our operations whilst we concentrate on delivering the next major milestone of project financing to build Baniaka. We deeply appreciate the patience of our existing shareholders whilst our shares were not trading, and welcome the new investors to Genmin and thank them, and our existing shareholders alike for their strong support in the fundraising. I also extend my thanks to Tembo Capital for providing working capital support when needed and my fellow board members and our team, who worked tirelessly to carefully navigate the external challenges we encountered during 2023.

Summary of Genmin's Advancements and Future Plans

Genmin has successfully resumed trading on the ASX and completed a $23.4 million fundraising, leaving the company debt-free and with approximately $13.2 million in cash. The company has received the necessary mining approvals to build and operate the Baniaka project, and has secured long-term agreements for energy supply and transport infrastructure. With a focus on finalizing project build financing, Genmin aims to commence the development of Baniaka, targeting commercial production by mid-2025. The company is also engaged in discussions with potential financing partners, including its Chinese offtake counterparties. Genmin's achievements in 2023 have set a solid platform for its next phase of growth, positioning the company for an exciting future in the African iron ore production sector.