Adex Mining Inc.

Adex Mining Inc.

October 22, 2007 16:40 ET

Adex Mining Announces Private Placement of Flow-Through Common Shares to Raise Up to $3 Million

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2007) -


Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announce that it intends to raise up to $3 million in a best efforts private placement of the Company (the "Offering"). A syndicate led by Jennings Capital Inc. and including Paradigm Capital Inc. will act as agents in respect of the Offering. Pursuant to the Offering, the Company will issue up to 5,000,000 flow-through common shares ("Flow-Through Shares") at an issue price of $0.60 per Flow-Through Share.

The agents have also been provided with an over-allotment option to increase the size of the Offering by up to an additional 1,000,000 Flow-Through Shares for additional aggregate gross proceeds of up to $600,000.

The agents will be paid a cash commission on closing equal to seven percent (7%) of the gross proceeds of the Offering. The cash commission will be paid from the Company's existing treasury. In addition, the Company will issue to the agents such number of non-transferable broker warrants as is equal to seven percent (7%) of the number of Flow-Through Shares issued pursuant to the Offering, with each such broker warrant being exercisable to acquire one common share of the Company at a price of $0.60 per share for a period of 16 months following the closing of the Offering.

The gross proceeds from the Offering will be used to incur exploration expenditures which are eligible as Canadian Exploration Expenses under the Income Tax Act (Canada). The exploration expenditures will be made to advance development of the Company's wholly-owned Mount Pleasant Mine Property located in New Brunswick, Canada.

The Offering is scheduled to close on or about November 8, 2007 and is subject to receipt of all necessary board and regulatory approvals. All securities issued pursuant to the Offering will be subject to applicable statutory and regulatory hold periods.

This press release is not an offer to sell or a solicitation of an offer to buy the Flow-Through Shares, nor shall there be any sale of the Flow-Through Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The Flow-Through Shares to be sold pursuant to the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the United States Securities Act of 1933, as amended.


Adex Mining Inc. is a Canadian junior mining company with an experienced management team. The Company is focused on developing its flagship Mount Pleasant Mine property, a multi-metal project that is host to promising tungsten-molybdenum and tin-indium-zinc mineralization. Located in Charlotte County, New Brunswick, Mount Pleasant is situated 80 kilometres south of Fredericton, the provincial capital, and is 65 kilometres from the United States border. Adex's common shares trade on the TSX Venture Exchange under the stock symbol "ADE."


Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Adex, its subsidiary or the industry in which they operate to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Adex with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in reports filed by Adex with the Alberta, British Columbia and Ontario Securities Commissions which are available at and to which readers of this press release are referred for additional information concerning Adex, its prospects and the risks and uncertainties relating to Adex and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Adex to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Adex cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is current only as of the date of the press release. Adex does not undertake or assume any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

No securities commission or regulatory authority has approved or disapproved the contents of this press release.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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