- Gabon-focussed exploration and development company Genmin (GEN) has listed on the Australian Securities Exchange
- The company is headquartered in Perth, Australia, and has a pipeline of three iron ore projects in the country on the Atlantic coast of Central Africa
- Its largest asset is Baniaka, a feasibility stage project with a JORC-compliant resource of more than 250 million tonnes at a grade of 40.1 per cent iron
- Genmin’s listing on the ASX follows a $30 million initial public offering (IPO) at 34 cents per share
- Funds from the IPO will enable the company to complete a preliminary feasibility study and infill drilling at Baniaka as well as further exploration at its other projects
- GEN shares will commence trading at 1 pm AEDT
Genmin (GEN), an Australia domiciled exploration and development company with a pipeline of projects in the Central African nation of Gabon, has listed on the Australian Securities Exchange.
Headquartered in Perth, the company has six exploration licences in the country on the Atlantic coast, covering three iron ore projects: Minvoul/Bitam, Bakoumba and Baniaka.
The largest and most advanced of the assets is Baniaka, a feasibility stage project with a JORC-compliant resource of 257.9 million tonnes at an in-situ grade of 40.1 per cent iron.
Nearby to Baniaka, and the Trans-Gabon railway from Franceville to the capital and port city of Libreville is Bakoumba, an advanced-stage exploration project with drill-ready targets.
Minvoul/Bitam which is located in northern Gabon near the border with Equatorial Guinea, is an early-stage exploration project.
ASX listing and IPO
Genmin’s listing on the ASX follows a $30 million initial public offering (IPO) in which the company issued around 88.2 million shares at 34 cents each.
Additionally, the company issued a further 12.2 million new shares to extinguish a US$3.2 million (approximately A$4.15 million) convertible note owed to Tembo Capital.
Based on the IPO, Genmin’ indicative market capitalisation upon listing is $136 million.
Funds from the IPO will enable the company to complete a preliminary feasibility study and infill drilling at Baniaka, as well as further exploration at its other two projects.
As of March 8, 2021, the largest shareholder of fully paid ordinary GEN shares was Ndovu Capital with a holding of more than 248 million units, and seventh largest was Azure Capital Investments with six million shares.
GEN shares will commence trading at 1 pm AEDT.