Adex Mining Inc. Announces an Increase in the Size of Its Previously Announced Private Placement of Subscription Receipts to $9 Million
NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, ON, May 11, 2007 -- Adex Mining Inc. ("Adex" or the "Corporation") announced today that it has increased the size of its previously announced (April 25, 2007) private placement (the "Offering"). Pursuant to the revised terms of the offering, the Corporation will now issue up to 30,000,000 subscription receipts at an issue price of $0.30 per subscription receipt for gross proceeds of up to $9,000,000. The subscription receipts will be issued through a syndicate of agents led by Paradigm Capital Inc. and including Kingsdale Capital Markets Inc. Each subscription receipt will entitle the holder to acquire one common share of the Corporation for no additional consideration, subject to adjustment in certain events.
The offering is expected to close on or about May 24, 2007 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. All securities issued pursuant to the offering will be subject to the applicable statutory and regulatory hold periods.
All other terms and conditions of the offering remain the same.
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 subscription receipts to be sold pursuant to the offering and the common shares issuable upon exercise thereof 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 or to, or for the account or benefit of, 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.
