Toronto – December 30, 2009 – Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce that it has raised $1,009,040 through a private placement completed today of 8,408,665 units (the "Units") at a price of $0.12 per Unit (the "Offering"). Each Unit is comprised of one flow-through common share of Adex (a "Flow-Through Share") within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share of Adex at a price of $0.175 at any time prior to 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and at a price of $0.20 at any time following 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering at which time any unexercised Warrants will expire.
On the closing of the Offering, First Canadian Securities, a division of Limited Market Dealer Inc., ("First Canadian") was paid a cash finder's fee of $19,000 representing 2% of the gross proceeds of the Offering raised through the subscriptions by members of the MineralFields Group of Companies for an aggregate of $950,000 of Units. In addition, First Canadian was issued irrevocable and non-transferable finder's fee options (the "First Canadian Finder's Fee Options") to purchase 554,166 finder's fee units (the "Finder's Fee Units") (equal to 7% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies) at a price of $0.12 per Finder's Fee Unit at any time prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering. Each Finder's Fee Unit will consist of one common share and one-half of one Warrant. Kingsdale Capital Markets Inc. ("Kingsdale") was paid a cash finder's fee of $600 representing 2% of the gross proceeds of the Offering raised through subscriptions arranged for by Kingsdale. Kingsdale was also issued irrevocable and non-transferable finder's fee options (the "Kingsdale Finder's Fee Options") to purchase 262,499 finder's fee units (the "Finder's Fee Units") (equal to 3% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies and 10% of the 250,000 Units sold to subscribers arranged for by Kingsdale). The Kingsdale Finder's Fee Options have terms identical to those of the First Canadian Finder's Fee Options
Adex will use the gross proceeds from the Offering 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.
"We are very pleased to be commencing a relationship with MineralFields Group", said Errol Farr, the President and Chief Executive Officer of Adex. "This is an important milestone in the growth of Adex and we look forward to working with MineralFields Group as we advance the development of our wholly-owned Mount Pleasant Mine Property located in New Brunswick, Canada."
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www.AdexMining.com
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