Enegex (ASX: ENX) has announced a $3M placement (before costs) to advance its mineral exploration activities, including new appraisal, ranking and targeting exercises over existing projects and the evaluation of potential new projects.

As part of the placement and subject to shareholder approval, Roger Steinepreis and Nick Castleden will be appointed to the Board.

Mr Steinepreis will subscribe for 26.66 million Shares (commitment of $400,000) and receive 25 million free attaching options, and Mr Castleden will subscribe for 16 million Shares (commitment of $240,000) and receive 25 million free attaching options.

Enegex says Alex Neuling will be appointed Company Secretary and has agreed to subscribe for 6,666,667 Shares.

It also says Geoff Albers will also resign his position as Chairman post the shareholder meeting, and Peter Armitage will resign as a Director after the shareholder meeting.