Mindax secures A$650K convertible note for WA exploration
What's the deal? MindaxDealroom has a profile for this one. Try Dealroom → (ASX:MDX) has raised A$650,000 (≈$465,808) through a binding convertible note deed with investor Chengze Yu. The West Perth-based miner will use the funds for exploration, tenement commitments, and general working capital.
The terms: The unsecured note carries 10% annual interest, matures 12 months after issue, and converts at a fixed price of A$0.033 per share. Subscription monies are payable within three business days.
Why now? The structure lets Mindax raise working capital for its Western Australian mineral exploration without issuing ordinary shares at prevailing market prices. It sits within the company's existing 15% placement capacity under ASX Listing Rule 7.1, so no shareholder approval is required.
What's the endgame? Full conversion would issue up to 21,666,666 shares — a dilution of 0.91% to existing shareholders. Yu currently holds about 0.05% of issued capital; if his note converted in full, his voting power would rise to roughly 1%.
What's next? Mindax says it is progressing discussions on a further convertible note but has not yet entered a binding agreement. It cautioned there is "no certainty that any further funding will be secured."
The signal: At roughly $466,000, the round sits toward the smaller end of the funding spectrum — a modest, low-dilution top-up rather than a growth raise. For a junior explorer, convertible notes offer a way to keep drilling without pricing shares in a soft market.
Read more: listcorp.com
Image credit: Phil Schubert
