Need some advise here

The PSU will physically fit in the case yes.

The PSU will have to draw from the case and exhaust out the back, as there is no mesh at the top of the case (which is where the PSU is mounted)

Whether to get that supply is an entirely different matter. RAIDMAX is not a trusted brand and is known for horrible supplies. That particular unit doesnt have Active PFC, not 80+ certified (so less than 80% efficient and voltage control is unknown) and can only output 444W instead of the advertised 530W.
Never trust a 500W+ supply below $60 unless you know it is a quality unit.
The PSU is the one place where you cant cheap out on a rig.

I advise a supply like this.
XFX Core Edition 550W, 80+ Bronze. $70 ($10 rebate)
http://www.newegg.com/Product/Product.aspx?Item=N82E16817207013&Tpk=XFX%20550W