Mindax raises $8.66m for Mt Forrest

Exploration company Mindax Limited will raise approximately A$8.66 migladstar glass grinder model g7llion through a placement and entitlements issue for the development of its Mt Forrest Iron project in Australia. The company said funds raised will be used principally to progress exploration on the site.

The directors of Mindax announced that commitments for a placement of 5,818,811 ordinary fully paid shares at 35 cents per share had already been secured to raise gross proceeds of approximately A$2,036,584. The placement will be made to a number of sophisticated and professional investors, and the securities will be issued under the company's 15% placement capacity. The intended clearance dates for the placement funds is the 19th April 2011.