Mindax (ASX:MDX) secured AU$1.6 million through a discounted share placement at AU$0.048 per share, boosting its working capital to advance key development discussions for the Mount Forrest Iron Project in Western Australia, pursue new opportunities in its gold portfolio, and progress its Mid-West Infrastructure Project, according to a Thursday Australian bourse filing.

A fee equal to 5% of the funds raised will be paid, settled by issuing fully paid ordinary shares at the placement price, the filing said.

The company also issued 20 million shares and 30 million options with an exercise price of AU$0.07 and an expiry date of July 15 to consultants for conducting a technical and economic assessment of the Mount Forrest Iron Project, marking a key step toward potential development partnerships, the filing added.