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Monax Mining to raise additional A$40,000 to fund bauxite tenements

Monax Mining (ASX: MOX) has received overwhelming interest in the share placement announced on 8 April 2010. As such, the company has decided to increase the number of shares issued from 5.5 million to 5.9 million.

The extra 400,000 shares issued will result in an increase in the funds raised from $550,000 to $590,000.

The capital raised from the placement will be used to fund exploration on the newly acquired bauxite tenements (see ASX Release 7 April, 2010).

The placement is being conducted pursuant to Section 708 of the Corporations Law and does not require a disclosure document.

The placement falls within the company’s 15% capacity under the ASX Listing Rules and is therefore not be subject to shareholder approval.

The new shares will rank equally with all other fully paid quoted ordinary shares currently on issue.

Disclosure: The author holds no positions in the company