Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Mindax Gains Additional Funds From Placement

Mindax (ASX:MDX) will bank A$1,650,000 (gross) after receiving binding commitments to subscribe for a placement of 16,500,000 ordinary fully paid shares at $0.10 per share.

This represents around 7.15% of the Company's currently issued share capital.

Dr Steve Ward, managing director and CEO said of the raising, "we are really pleased to have raised these additional funds in what are still very challenging financial markets.

It is a very positive vote of confidence in our company and a great start to 2013 for us."

Funds raised from the placement will be to provide additional working capital for the company.

Mindax's Mt Forrest Iron Project is progressing through feasibility with a view to mining at the end of 2014.

Interestingly, the company also has a greenfields discovery on its books of a new uranium province near Mukinbudin, Western Australia.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.