Monax MiningLtd. said July 13 that a A$1.5 million 1-for-2 rights issue closedwith only around 40% of shares taken up.

Of the 150,380,093 shares offered at 1 cent apiece, a total of53,819,173 shares were subscribed. Another 5,119,904 shares were taken up bythe underwriter.

The new shares are expected to start trading July 18.