News - Private PlacementAdex Announces the Completion of aPrivate Placement of Units Consisting of One Flow-Through Common Shareand One Half of One Common Share Purchase Warrant Raising $1,009,040TORONTO, ONTARIO, Dec 30, 2009 (MARKETWIRE via COMTEX NewsNetwork) --
Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announce that it has raised $1,009,040 through aprivate placement completed today of 8,408,665 units (the "Units") at aprice of
.12 per Unit (the "Offering"). Each Unit is comprised of oneflow-through common share of Adex (a "Flow-Through Share") within themeaning of the Income Tax Act (Canada) and one-half of one common sharepurchase warrant (a "Warrant"). Each whole Warrant entitles the holderthereof to acquire one common share of Adex at a price of
.175 at anytime prior to 5:00 p.m. (Toronto time) on the first anniversary of thedate of the closing of the Offering and at a price of
.20 at any timefollowing 5:00 p.m. (Toronto time) on the first anniversary of the dateof the closing of the Offering and prior to 5:00 p.m. (Toronto time) onthe second anniversary of the date of the closing of the Offering atwhich time any unexercised Warrants will expire.
On the closingof the Offering, First Canadian Securities, a division of Limited MarketDealer Inc., ("First Canadian") was paid a cash finder's fee of $19,000representing 2% of the gross proceeds of the Offering raised throughthe subscriptions by members of the MineralFields Group of Companies foran aggregate of $950,000 of Units. In addition, First Canadian wasissued irrevocable and non-transferable finder's fee options (the "FirstCanadian Finder's Fee Options") to purchase 554,166 finder's fee units(the "Finder's Fee Units") (equal to 7% of the 7,916,665 Units soldpursuant to the Offering to members of the MineralFields Group ofCompanies) at a price of
.12 per Finder's Fee Unit at any time priorto 5:00 p.m. (Toronto time) on the second anniversary of the date of theclosing of the Offering. Each Finder's Fee Unit will consist of onecommon share and one-half of one Warrant. Kingsdale Capital Markets Inc.("Kingsdale") was paid a cash finder's fee of $600 representing 2% ofthe gross proceeds of the Offering raised through subscriptions arrangedfor by Kingsdale. Kingsdale was also issued irrevocable andnon-transferable finder's fee options (the "Kingsdale Finder's FeeOptions") to purchase 262,499 finder's fee units (the "Finder's FeeUnits") (equal to 3% of the 7,916,665 Units sold pursuant to theOffering to members of the MineralFields Group of Companies and 10% ofthe 250,000 Units sold to subscribers arranged for by Kingsdale). TheKingsdale Finder's Fee Options have terms identical to those of theFirst Canadian Finder's Fee Options
Adex will use the grossproceeds from the Offering to incur exploration expenditures which areeligible as Canadian Exploration Expenses under the Income Tax Act(Canada). The exploration expenditures will be made to advancedevelopment of the Company's wholly-owned Mount Pleasant Mine Propertylocated in New Brunswick, Canada.
"We are very pleased to becommencing a relationship with MineralFields Group", said Errol Farr,the President and Chief Executive Officer of Adex. "This is an importantmilestone in the growth of Adex and we look forward to working withMineralFields Group as we advance the development of our wholly-ownedMount Pleasant Mine Property located in New Brunswick, Canada."
Allsecurities issued pursuant to the Offering (and any underlyingsecurities) will be subject to applicable statutory and regulatory holdperiods expiring on May 1, 2010.