Mindax (ASX:MDX) secured AU$650,000 in funding through a binding unsecured convertible note deed with investor Chengze Yu to support exploration activities, tenement commitments and general working capital, according to an Australian bourse filing on Monday after market hours.
The note carries 10% annual interest, matures in 12 months, and is convertible at AU$0.033 per share, potentially resulting in the issuance of up to 21.7 million shares, per the filing.
The note is being issued under the company's existing placement capacity while discussions for a further convertible note are ongoing, with no binding agreement reached to date, the filing added.