UPDATE 2.40pm: Mindax says it will raise $1.2 million in a placement to further develop the company's projects and for working capital.
The company will place 15 million new shares at eight cents a share with a free attaching option exercisable at 12 cents a share to sophisticated and professional investors.
The placement will be completed in two tranches.
Mindax shares were steady at seven cents at the close.
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