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MENAFN - ProactiveInvestors - Australia - 05/12/2012

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(MENAFN - ProactiveInvestors - Australia) Mindax (ASX: MDX) has added Chenfei Zhuang and Zhensheng Zhuang as substantial shareholders following the completion of a A2.5 million placement to the investors.

Chenfei Zhuang holds a 6.43% interest, or 14.8 million shares, while Zhensheng Zhuang holds a 7.67% interest, or 17.7 million shares.

The placement was part of a A2.5 million farm-in deal for Mindax's Meekatharra North Gold Project.

The investors 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.

 






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