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MENAFN - ProactiveInvestors - Australia - 03/12/2012

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(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.

 






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