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Genmin Limited (ASX:GEN)
ALERT: Price-sensitive ASX Announcement for GEN
Current share price for GEN : $0.005 -0.003 (-37.50%)+
Release
27 Jul 2026 8:24AM
Price at Release
$0.008
Full Release
Summary
Genmin Limited has secured A$3.0 million in funding through unsecured director loans to advance the development of its Baniaka iron ore project in Gabon. Two loans were executed: a A$0.5 million loan with Injiview Pty Ltd, related to Executive Chair Greg Lilleyman, and a A$2.5 million loan with Harry Belle Holdings Pty Ltd, related to non-executive Director John Hodder. These loans are intended for general working capital and help maintain project momentum as Genmin finalizes the Baniaka pre-feasibility study addendum and negotiates project financing. Both loans have a 12% per annum interest rate and are repayable by June 30, 2027. The funding provides flexibility without shareholder dilution and supports ongoing discussions with potential strategic investors.
Key Points
- Genmin secures A$3.0 million through director loans.
- Greg Lilleyman and John Hodder provide the unsecured loans.
- Funds to support Baniaka iron ore project in Gabon.
- Loans are for general working capital and immediate use.
- Loans accrue 12% interest, repayable by June 30, 2027.
- Funding facilitates project progress without shareholder dilution.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.
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