Genex Power: Signs new $25M share agreement with J-Power

Genex Power: Signs new $25M share agreement with J-Power

• Genex Power (GNX) has signed a new share subscription agreement with J-POWER as part of a necessary restructure
• Then the new agreement was a requirement of changing the Kidston Pumped Storage Hydro Project’s financing
• Under the new share agreement, the majority of the terms stay the same, but J-POWER has the option of investing up to $25 million into Genex
• Speaking on the deal, Genex CEO, James Harding said he pleased to make the commitment with J-POWER
• This would done via subscription of ordinary Genex share and the company would use the money in the construction of the Kidston project
• Shares in Genex are trading up 5.77 per cent at 27.5 cents per share