ENP Newswire - 02 January 2014 Release date- 31122013 - Mindax Limited is pleased to announce that is has issued a Convertible Note for A$300,000 to Ms Lai You , an existing shareholder of the Company and related party to non-executive director, Mr. Andrew Tsang . The key terms of the Note are set out on the following page and it will be a condition precedent to the Note's conversion into shares that shareholder approval to its conversion be obtained. The Board consider the terms of the Note are commercially reasonable and at arm's length to Mr. Tsang and as such shareholder approval is not required under Chapter 2E of the Corporations Act (Related Party Transactions). Funds drawn down from the Note will be applied to the Company's project activities and to provide additional working capital. Dr Steve Ward , Managing Director and CEO commented: 'We are very pleased to receive these funds which will convert to shares at 10 cents which is a premium to our recent trading levels. This is a further vote of confidence in the Company and its programmes'. KEY TERMS OF THE CONVERTIBLE NOTE This Note is unsecured. The Note will not convert and it will be a condition precedent to its conversion into Shares that shareholder approval to its conversion be obtained as soon as practicable following the issue of the Note and in any event by no later than the Company's 2014 Annual General Meeting. The Note shall convert into ordinary fully paid shares (Shares) in the capital of the Company at the Issue Price, immediately following the meeting at which shareholders approve the conversion. The 'Issue Price' is A$0.10 ( ten cents ) per Share. No interest will be payable on the Note unless shareholder approval to the conversion of the Note is not obtained on or before the Company's 2014 Annual General Meeting Interest applicable (in the event of non-approval by shareholders) will accrue at the rate of 9% per annum, capitalised monthly from the date of issue of the Note until the date the Note is repaid. If not converted the face value of the Note is to be repaid on 31 January 2015 . Investor Contact: Steve Ward Managing Director and Chief Executive Officer Tel: +61 8 9485 2600 Email: firstname.lastname@example.org Media Contact: David Utting Mobile: +61 416 187 462 Email: email@example.com [Editorial queries for this story should be sent to firstname.lastname@example.org ] ((Comments on this story may be sent to email@example.com ))
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