It is nothing like the sort of deal that could have gone ahead...

It is nothing like the sort of deal that could have gone ahead in the pre-GFC years but Mindax, like many other juniors, has been treading water for a long time waiting for funding to advance its projects. $52 million in funding is still around double the existing market cap and puts it a step up on most of its fellow Yilgarn juniors who are also in the battle to secure funding.

It would have been better to keep a 51% stake in the magnetite rights like in the original proposal but there is now enough funding to advance Mt Forrest as well as funding for further Uranium exploration with the gold project being funded already. Not sure about the new share issue which would issue see around 1 billion shares issued with the goal to increase liquidity.

Guess we will see what the market thinks tomorrow.