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Genmin Ltd. ( (AU:GEN) ) has shared an announcement.
Genmin Limited has announced the novation of a A$3 million loan from its largest shareholder, Tembo Capital, to an entity related to non-executive director John Hodder. Additionally, loans from entities related to non-executive director John Hodder and non-executive Chair Greg Lilleyman have been increased by A$0.2 million each. These funds, which can be accessed immediately, will be used for general working capital as Genmin progresses its Baniaka iron ore project. The loans reflect strong confidence in Genmin’s strategy and the potential of the Baniaka project, with the possibility of future repayment through equity issuance, subject to approvals.
More about Genmin Ltd.
Genmin Limited is an emerging African iron ore producer focused on the development of its Baniaka iron ore project in Gabon.
Average Trading Volume: 690,576
Technical Sentiment Signal: Sell
Current Market Cap: A$20.41M
For a thorough assessment of GEN stock, go to TipRanks’ Stock Analysis page.