Former Fortescue exec Greg Lilleyman partakes in Genmin’s $18.3m raise for Gabon iron ore project

Former Rio Tinto and Fortescue heavy hitter Greg Lilleyman is a cornerstone investor in Genmin’s $18.3 million capital raise to develop an iron ore mine in Africa.

Mr Lilleyman, who became Genmin’s executive chair earlier this month, and non-executive John Hodder have subscribed for a combined $8.3m allocation in the share placement at 1¢ per share.

A chunk of the duo’s allocation will be offset against loans they have provided Genmin. Mr Lilleyman has lent $2.8m and Mr Hodder $1.7m.

Shares in Genmin, which has a market capitalisation of $16.3m, last traded at 2.2¢.

The placement also includes one free attaching option — at a 1.5¢ strike price — for every two new shares, plus an unlisted “piggyback option” with a 2¢ strike price for every attached option exercised within a year.

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