(MENAFN - ProactiveInvestors - Australia) Mindax (ASX: MDX) has received the final tranche of funds totalling A2.5 million and marking the completion of a recent placement that will fund exploration at the Meekatharra North Gold Project.
The final 400,000 payment was part of a placement to sophisticated investors Zhensheng Zhuang and Chenfei Zhuang, who entered into a farm-in agreement for the Meekatharra Project in mid-October.
The investors, who have now been issued the total 29.5 million shares, can earn up to a 51% interest in the project by spending 2.5 million on exploration over three years.
Under the farm-in agreement, an initial 500,000 is required to be spent by August 2013 before the first opportunity to withdraw.
Mindax will continue to manage the tenement and provide technical expertise during the earn-in period.
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.