Genmin, an iron ore exploration firm in Gabon, West Central Africa, is set to raise around $15.1 million through a pro-rata non-renounceable entitlement offer.

Eligible shareholders can acquire one new share for every three shares held at 10 cents per new share, and for every three new shares subscribed, they will receive a free attaching new option.

Genmin is also conducting a two-tranche placement to raise approximately $13.2 million.

The funds will advance the development of the Baniaka Iron Ore Project following the acquisition of a 20-year mining permit.