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Mindax Substantial Shareholders Increase Stake

Mindax (ASX: MDX) substantial shareholders Chenfei Zhuang and Zhensheng Zhuang have increased their shareholdings in the company.

Chenfei Zhuang subscribed to a placement of 5 million shares at A$0.10 for a total consideration of $500,000, increasing the stake to 8.2% from 6.43%.

Zhensheng Zhuang committed to a placement of 5.6 million shares at $0.10 for a total consideration of $560,000, increasing the stake to 9.42% from 7.67%.

The investors previously entered into a farm in deal over Mindax's Meekatharra North Gold Project under which they can earn a 51% interest by spending $2.5 million over three years.

Importantly, this farm-in deal will potentially cover the exploration requirements of the Meekatharra North Gold Project for the next three years, allowing Mindax to focus on its other projects.

This latest funding raised from the placements to Chenfei Zhuang and Zhensheng Zhuang will provide additional working capital for Mindax.

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