Adex Mining Inc.

Adex Mining Inc.

November 13, 2007 16:02 ET

Adex Mining Inc. Announces the Closing of Its Previously Announced $3 Million Private Placement of Flow-Through Common Shares

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2007) -


Adex Mining Inc. ("Adex" or the "Corporation") (TSX VENTURE:ADE) announced today that it has closed its previously announced private placement (the "Offering") of flow-through common shares ("flow-through shares"). The Corporation closed on the full amount of the Offering, issuing 5,000,000 flow-through shares at an issue price of $0.60 per flow-through share for gross proceeds of $3,000,000. The flow-through shares were issued through a syndicate of agents led by Jennings Capital Inc. and including Paradigm Capital Inc. (the "Agents").

In consideration for acting as agents in connection with the Offering, the Agents received a cash commission of 7% of the gross proceeds of the Offering, which was paid from the Corporation's treasury, and, in addition, were issued an aggregate of 350,000 non-transferable compensation warrants, with each such compensation warrant entitling the Agents to purchase one common share of the Corporation at a price of $0.60 for a period of 16 months following the closing of the Offering.

The gross proceeds of 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 used to advance and accelerate development at the Corporation's wholly-owned Mount Pleasant Mine Property located in New Brunswick, Canada.

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 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 junior mining company with an experienced management team. The Corporation 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 approximately 80 kilometres south of Fredericton, the provincial capital, and is 65 kilometres from the United States border. The common shares of Adex 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 press release.

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