MDX - Mindax Limited

[Nyden]

Nyden....I am a bit confused by your post all infomation was in the MDX ANN of last week.

You have the right to buy 2 shares at 10c for every 5 you own....for every 2 rights shares you buy you will get a free attaching option June 2008 with a 20c exercise price....in other words the same as MDXOA at the moment.

____

Finally Pommiegranite...great post... I too was googling the MDX tennements this afternoon and was planning to to run a comparison...you beat me to it.

EB

Um-ah I most certainly am a ditz, I swear I read through em all! It's this heat (actually only 26, but considering it's been cold lately, it's the heat! )

Thank you

 

[Pommiegranite]

Nyden....I am a bit confused by your post all infomation was in the MDX ANN of last week.

You have the right to buy 2 shares at 10c for every 5 you own....for every 2 rights shares you buy you will get a free attaching option June 2008 with a 20c exercise price....in other words the same as MDXOA at the moment.

____

Finally Pommiegranite...great post... I too was googling the MDX tennements this afternoon and was planning to to run a comparison...you beat me to it.

EB

Thanks EB.

As we know, Iron reserves need to be substantial to make them economic, no matter how high the grades. This is why I think that the market may have been led up the wrong path with Iron Mountain, as right next door MDX could have 10x the reserves for what is now 1/3 of the market cap of IRM.

So we get to pick up what will be proved to be a very valuable reserve, at prices which aren't around in the Iron Ore Sector anymore ($13-$14million MC), and for good measure management have thrown in a very favourable entitlements offer.

With the entitlements/placement offers, MDX will be very well funded in the millions.

Also, we shouldn't forget that theres gold down there too!

With the results being timed with Melbourne Cup week, who's betting against this horse making a late charge?

 

[exberliner1]

Nyden...blue sky and sunshine here....days's high +4C days low -1C ...I am suffering from the cold...

Anyway on the subject of blue sky.......

;-)

EB

 

[exberliner1]

Pommiegranite...I hope you don't mind...I put your post on HC on the MDX thread under the heading "Have any of you lot worked this out yet"

It has been viewed over 300 times so far today

EB

 

[adobee]

What are people who hold this stock doing - holding or selling and looking to re-enter later in the week if the market goes down ? 19.5c seems a very good price for the stock ?

 

[mick2006]

at 17-17.5c I grabbed whatever was on offer, today's move is just the beginning in the leadup to the ex-date of the rights issue.

Remember Friday is the cutoff date for the 2 for 5 at 10c and the free attaching option.

Not to mention the fact the iron ore assay's from Mt Forrest are getting closer day by day, as Pommiegranite rightly pointed out Mt Forrest borders the IRM tennement that was responsible for all hell breaking loose after they released their results from the iron ore sampling program.

Also pointed out by Pommiegranite the best results from IRM's sampling program were right on the border of the two tennements, meaning any continuation into MDX's tennement would likely result in the same share price movement.

 

[adobee]

whilst i am up 40% in two weeks and feel very very greedy I am going to hold and get my options !

 

[UPKA]

volume is increasing steadily too, lets hope their sample results will be released close with the rights issue record date, otherwise you'll find a lot of buyers sell off when they get their entitlements...

 

[mick2006]

I would normally agree with the fact that it would suffer some profit taking straight after the rights issue, but the fact that the iron ore results from Mt Forrest are upcoming might see the shareprice remain firm until the results are known.

 

[UPKA]

I would normally agree with the fact that it would suffer some profit taking straight after the rights issue, but the fact that the iron ore results from Mt Forrest are upcoming might see the shareprice remain firm until the results are known.

thats true, but you have to take into account that once the holders get their entitlement, he/she will not want to expose themselves too much to the market, so a bit of sell down if unavoidable. But if you truly believe in the fundamentals of MDX, it's could be a good opportunity to buy in or top up.

 

[gfresh]

I wasn't even aware that was an options rights issue I thought that had been and gone (usually is the way when I find out about these things!). Just bought today based on charting and potential, should have bought more then!

Wondering why the (early) June 08 expiry date? Doesn't give much time before they have to be cashed?

 

[Gekko]

I would normally agree with the fact that it would suffer some profit taking straight after the rights issue, but the fact that the iron ore results from Mt Forrest are upcoming might see the shareprice remain firm until the results are known.

(Todays Quarterly)
"Mapping and sampling has been completed over the significant Richardson Ranges iron formation around Mt Forrest within the Bulga Downs Project. The iron formation extends over 17 kilometers. Assay results are pending and will be assessed against the geological and geophysical database to define hotspots for drill testing. Results are now anticipated to become available early in November."
Early Novemeber. For WA, 'early november' = Novemeber 12-15 (give or take 2 days). I was expecting results sooner. Markets are looking top heavy. The results are also only mapping and surface samples. Day traders wont get too carried carried away by them. Unless results are released sooner then i now expect, i expect the share price range trade between 14 and 22.

 

[Pommiegranite]

(Todays Quarterly)
"Mapping and sampling has been completed over the significant Richardson Ranges iron formation around Mt Forrest within the Bulga Downs Project. The iron formation extends over 17 kilometers. Assay results are pending and will be assessed against the geological and geophysical database to define hotspots for drill testing. Results are now anticipated to become available early in November."
Early Novemeber. For WA, 'early november' = Novemeber 12-15 (give or take 2 days). I was expecting results sooner. Markets are looking top heavy. The results are also only mapping and surface samples. Day traders wont get too carried carried away by them. Unless results are released sooner then i now expect, i expect the share price range trade between 14 and 22.

Fortunately Gekko, not everyone will agree with your views. I am one of those:

1. Seeing most mining exploration companies have HQ in W.A, from your theory, every announcement we receive in the spec end of the market would be 2 weeks late. Not so thankfully.

The MD has told me in a phone conversation 'first week of Nov'. As this has been reiterated in the quaterly, I would suggest that your WA stereotype can safely be ignored.

2. Don't you think its in the interest of the company that the entitlement is taken up? A delayed announcements is not in the company's interests.

3. I guess you haven't as yet heard of Iron Mountain's sampling program and the effect this had on the share price. All of this information has already been covered in this thread.

4. If day traders don't get carried away, would this be a bad thing?



Just my two cents worth. Of course I could be totally wrong.

 

[roland]

Bring it on - if others are not convinced and the SP falls - then COOL - cheaper shares

SP movements up or down are good - if it goes up - then smile a big grin 'cause you made a few extra bucks, if it goes down .. then heleluya grab some more!

 

[exberliner1]

Gekko...nice to see a contrarian point if view on MDX... however I think you are wrong for the following reason.

On Friday we closed at 16.5

Today we had 4.23mn traded above Friday's close with a close today up around 25%

Plus there are an aditional 3.11mn on the bid above Friday's close just sitting there overnight in depth.

Make 7.34mn either on the bid or actually bought above friday's close.

Add that to the 21mn+ traded in MDX since 12th October

What size the freefloat now?

A lot smaller than Friday....

How small will the freefloat be by this time tomorrow.

The lack of stock, the pending Fe results and the 2 for 5 issue are all extremely strong positives.

EB

 

[Gekko]

Pomy/Exb. I was just expecting the results sooner. I would be astonished if they come in pre-Nov 7/8 and by then people may be sick waiting and have sold out. Or the markets may have corected again. Point being, junior mining companies are reliably unpunctual (just like me). And it would not be wise to use IRM as a reference. That would be nuts. It was a one-off on an incredible day. It was a market "irregularity". An outlier that would be removed from any valuation model. I mean, would you guys seriously day-trade off a stock youve never heard of before based on innocent surface samples result. I hold some heads, and will continue to hold until some firm, reliable drilling comes in. I just dont want to see a pump and dump. And the chat on here and other forums is indicating that to me. It is becoming ridiculous. Talk of 71% FE?????. Just trying to provide some reality so short term shareholders dont damage the company long term by dumping en mass.

 

[exberliner1]

I think those quoting 71% Fe were getting confused between the iron ore and the iron.

Although you must admit IRM's sampling results from close to the MDX tennement and following the same geological formation look very good and that is the closest we have so far as a clue.

Still let's keep the negatives and positives flowing... makes it easier to work out a balance.

EB

 

[Pommiegranite]

Pomy/Exb. I was just expecting the results sooner. I would be astonished if they come in pre-Nov 7/8 and by then people may be sick waiting and have sold out. Or the markets may have corected again. Point being, junior mining companies are reliably unpunctual (just like me). And it would not be wise to use IRM as a reference. That would be nuts. It was a one-off on an incredible day. It was a market "irregularity". An outlier that would be removed from any valuation model. I mean, would you guys seriously day-trade off a stock youve never heard of before based on innocent surface samples result. I hold some heads, and will continue to hold until some firm, reliable drilling comes in. I just dont want to see a pump and dump. And the chat on here and other forums is indicating that to me. It is becoming ridiculous. Talk of 71% FE?????. Just trying to provide some reality so short term shareholders dont damage the company long term by dumping en mass.

IRM, TLM & others which I can't recall have all multiplied based on potential. In a red hot market, waiting for drill results is dangerous and will result in multiple % gains missed.

 

[Gekko]

IRM, TLM & others which I can't recall have all multiplied based on potential. In a red hot market, waiting for drill results is dangerous and will result in multiple % gains missed.

TLM was another stock ran hard on the forums. What happened to its "results" And its share price I did actually make a nice day-trade on the heads today but ill keep what i have now until some firm results. I also think the stock is being manipulated on other select forums. Forums i could never get myself around using

 

[exberliner1]

Sorry to hear you are negative about TLM as well Gekko ...today:

TLM + 42%
TLMO + 65%

Not much news from TLM as well.....just a quarterly and some potential.

EB