VANCOUVER, BC --(Marketwired - February 27, 2017) - Almadex Minerals
Limited ("Almadex" or the "Company") (TSX VENTURE: AMZ) (OTCQB:
AXDDF) is pleased to announce that it has closed its previously announced non-brokered private placement with the issuance
of 2,496,000 units ("Units") at $1.35 per Unit. Each Unit consists of one common share of the Company and one-half of one
non-transferable common share purchase warrant (each such whole share purchase warrant, a "Warrant"). Each Warrant allows the
holder to purchase one common share of the Company at a price of $2.00 per share until August 27, 2019. Fees consisting of
$106,650.00 in cash and warrants to purchase 44,400 common shares at a price of $1.35 per common share until August 27, 2019 were
paid to arms-length finders on a portion of the placement. All securities issued in connection with the private placement are
subject to a hold period in Canada which expires on June 28, 2017.
Almadex intends to use the proceeds of the private placement to continue drilling targets at its 100% owned El Cobre
gold/copper porphyry project in Veracruz, Mexico, and for general working capital purposes.
Morgan Poliquin, President of Almadex, states, "We are very pleased to have received strong support for this offering and to
have closed on a larger amount than originally anticipated. The strong interest allows us to accelerate the drill program at El
Cobre. With all necessary permits in hand, we will shortly have two drills turning at the project and look forward to a
productive year."
Almadex also announces that, pursuant to its Stock Option Plan, it has granted stock options to a director of the Company to
purchase 115,000 common shares in the capital of the Company at an exercise price of $1.35 per share which expire on February 27,
2019.
About Almadex
Almadex Minerals Limited is an exploration company that holds a large mineral portfolio consisting of projects and NSR
royalties in Canada, the U.S. and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by
Almadex and, prior to its spinout, by Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre
gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject to a sliding-scale net smelter
returns royalty ("NSR") equivalent to 0.5% in the event that production from the property exceeds 10,001 tonnes per day of ore.
This NSR can be reduced to 0.25% at this production rate through the payment of US$3 million.
On behalf of the Board of Directors,
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Limited
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS A MATTER OF RECORD ONLY, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE
OFFERING IN QUESTION WAS NOT REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS,
AND THE SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION
OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release,
other than statements of historical facts, that address exploration drilling and other activities and events or developments that
Almadex Minerals Limited ("Almadex") expects to occur, are forward-looking statements. Forward-looking statements in this news
release include statements regarding the use of proceeds from the private placement and future exploration plans and
expenditures. Although Almadex believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially
from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking
statements include market prices, exploration successes, and continued availability of capital and financing and general
economic, market or business conditions. These statements are based on a number of assumptions including, among other things,
assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals,
the ability of Almadex and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the
availability of financing for Almadex's proposed transactions and programs on reasonable terms, and the ability of third party
service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of
future performance and actual results or developments may differ materially from those projected in the forward-looking
statements. Almadex does not assume any obligation to update or revise its forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by applicable law.