Adex Mining Inc.

Adex Mining Inc.

July 12, 2007 17:34 ET

Adex Mining Inc. Announces the Listing of Its Common Shares on The TSX-V, the Exercise of Subscription Receipts for Common Shares and the Issuance of Common Shares on the Conversion of Debentures

TORONTO, ONTARIO--(Marketwire - July 12, 2007) -

NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Adex Mining Inc. ("Adex" or the "Corporation") announced today that it has satisfied all of the conditions to the listing of its common shares on the TSX Venture Exchange (the "Exchange") as specified by the Exchange and, as a result, its common shares will begin trading on the Exchange on July 16, 2007 under the stock symbol "ADE". The Corporation's listing application and other disclosure with respect to the Corporation is available at www.sedar.com.

As a result of the approval for listing of the common shares of Adex on the Exchange and the satisfaction of the other conditions to the exercise of the 30,000,000 Subscription Receipts issued by Adex on May 24, 2007 at an issue price of $0.30 per Subscription Receipt for gross proceeds of $9,000,000 through a syndicate of agents led by Paradigm Capital Inc. ("Paradigm") and including Kingsdale Capital Markets Inc., the Subscription Receipts have been exercised for 30,000,000 common shares. Further, the gross proceeds of the Offering less the Agents' commission of 6% of the gross proceeds and the estimated out-of-pocket expenses of the Agents which were held in escrow on behalf of the purchasers of Subscription Receipts by Equity Transfer & Trust Company, together with the interest earned thereon, will be released to Adex. In addition, the remaining $100,000 principal amount of convertible debentures of the Corporation which were outstanding has been converted into 1,000,000 common shares at a conversion price of $0.10 per common share as a result of the listing.

As a result of the issuance of 30,000,000 common shares of the Corporation on the exercise of the Subscription Receipts and the issuance of 1,000,000 common shares of the Corporation on the conversion of the convertible debentures, the Corporation now has 67,193,669 common shares issued and outstanding.

The net proceeds of the Offering will be used to fund exploration and development activities at the Corporation's Mount Pleasant Mine Property and for general working capital purposes.

This press release is not an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of the securities 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 Common Shares issued on exercise of the Subscription Receipts and 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.

About Adex Mining Inc.

Adex is a reporting issuer in Ontario and British Columbia whose primary asset is the Mount Pleasant Mine Property, a dormant multi-metal mine development project located in Charlotte County, New Brunswick, approximately 80 kilometres south of Fredericton, 97 kilometres northwest of Saint John, 38 kilometres north of St. George and 65 kilometres from the United States border.

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.

Contact Information

  • Adex Mining Inc.
    Kabir Ahmed
    Chief Executive Officer and Director
    (416) 941-9663
    (416) 946-1951 (FAX)