Genmin's A$10 million placement and US$1 million loan facility

Genmin Limited (ASX:GEN) has received firm commitments to raise approximately A$10 million through a two-tranche placement, with strong support from existing shareholders and new investors. Additionally, the company has executed an unsecured, arm's length US$1 million (A$1.45 million) working capital financing with its largest shareholder Tembo Capital.

Executive Commentary on Placement and Loan Facility

The purpose of the placement is to provide funding for corporate costs, general working capital, and to meet the costs of the placement. The loan facility will be used for general corporate purposes, including in relation to the Company's Baniaka iron ore project in Gabon, west Central Africa. Settlement of Tranche 1 is expected to occur on Friday, 11 October 2024, with shareholder approval for Tranche 2 to be sought at an extraordinary general meeting expected to be held in mid to late November 2024.

Summary of Genmin's Announcement

Genmin Limited (ASX:GEN) has successfully secured approximately A$10 million through a two-tranche placement and a US$1 million unsecured loan facility. The placement received strong support from both existing shareholders and new investors, with the leadership of A$1.45 million provided by Genmin's largest shareholder, Tembo Capital. The funds raised will be used for corporate costs, general working capital, and to meet the costs of the placement. Additionally, the loan facility will be utilized for general corporate purposes, including in relation to the Company's Baniaka iron ore project in Gabon, west Central Africa. Genmin is set to settle Tranche 1 on October 11, 2024, and seek shareholder approval for Tranche 2 at an extraordinary general meeting expected to be held in mid to late November 2024.