MINDAX LIMITED — Capital/Financing Update 2008

May 25, 2008

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia

Telephone 08 9474 3266 Facsimile 08 9474 3299

ABN 28 106 866 442

26 May 2008

ASX Limited Company Announcements Platform

NOTICE TO OPTIONHOLDERS

Please find enclosed a copy of a notice to holders of listed options in Mindax Limited.

We confirm there are currently 37,892,365 listed options on issue with an exercise price of 20 cents and expiry date of 30 June 2008.

Yours sincerely

Angelo Francesca Company secretary

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9/57 Labouchere Road SOUTH PERTH 6151 Western Australia

Telephone 08 9474 3266 Facsimile 08 9474 3299

ABN 28 106 866 442

26 May 2008

Optionholder name Optionholder Address

Register: Holder No.: No. Options Held: Shares to be allocated: Amount payable:

Dear Optionholder

OPTION EXPIRY

As at the date of this notice, you are the registered holder of Options in Mindax Limited.

Notice is hereby given that the final date for exercising the Company's 20 cents, 30 June 2008 listed options is 5.00pm Western Standard Time (WST) on 30 June 2008 . The exercise price is 20 cents per option . Optionholders will be issued with one new fully paid ordinary share in Mindax Limited for each option exercised.

Options not exercised by 5.00pm WST 30 June 2008 will expire . Quotation of the options will cease at the close of trading on Monday 23 June 2008 . Failure to exercise the Option will result in the forfeiture of any rights that the Optionholder may have in relation to the Ordinary Shares.

To convert your Options to Ordinary Shares (Exercise of Options) please complete the option exercise form attached and forward it with your payment to:

Advanced Share Registry Ltd 150 Stirling Highway PO Box 1156 or deliver to: NEDLANDS WA 6009 NEDLANDS WA 6909

Cheques should be made payable to “Mindax Limited”. Receipt for payment will not be forwarded.

During the three months preceding the date of this notice the highest sale price and the lowest sale price of Ordinary Shares in Mindax Limited was 37.5 cents on 25 February 2008 and 20.5 cents on 9 April 2008 respectively. The latest available market sale price on ASX Limited before the date of this notice was 30.5 cents on 23 May 2008.

The Company has entered into an underwriting agreement with one of the Company’s directors, Mr Andrew Tsang. Such agreement is to be ratified and approved at a shareholder’s meeting to be held on 18 June 2008. As set out in the notice to such meeting, Mr Tsang will be entitled to a fee of 5% of the amount that he pays on all options he exercises and the subscription of the “Authorised Shares”.

If you wish to clarify any taxation consequences relating to the exercise of options, please consult your solicitor, accountant or professional adviser.

Yours sincerely

Gregory J Bromley Managing Director

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•   

•  

•   

•    

•     

•   

•   

•    

 

