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Mindax Receives Third Tranche Of Placement Funds

Mindax (ASX: MDX) has now received A$2.1 million of a total of $2.5 million in placement funds following the receipt of an additional $900,000.

These new funds will build on the A$2.2 million in cash Mindax had at the end of the September 2012 quarter and enable exploration at the Meekatharra North Gold Project to be stepped up and momentum increased.

The third tranche is part of a placement to sophisticated investors Zhensheng Zhuang and Chenfei Zhuang that was undertaken at a 21% premium.

Mindax previously entered into a farm-in agreement with the investors which provides for $2.5 million to be spent on the Meekatharra North Gold Project over three years in exchange for a 51% interest in the project.

The company anticipates the balance of cleared funds will be received by the end of November 2012.

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