Adex Announces Appointment of Michael Boyd to the Board of Directors and Grant of Options
June 23 2010 - 8:26AM
Marketwired Canada
Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to
announce that Michael M. Boyd has been appointed a director of the Company,
subject to regulatory approval. Mr. Boyd has also been appointed as Chairman of
the Company's Nomination and Corporate Governance Committee.
Mr. Boyd is an entrepreneurial business leader and senior finance executive with
extensive experience in bridge debt financing, venture capital, private equity,
lending and corporate finance. He has expertise in business start-ups and
raising capital through his roles as a senior executive in several Toronto
brokerage firms between 1992 and 1995, as Managing Director, Merchant Banking,
for HSBC Capital (Canada) Inc. from 1997 to 2002, and in running his own
company, Junior Industrial Finance Corp. from 1990 to the present date. Mr. Boyd
also managed a bridge fund specializing in enterprise value lending of short to
medium term loans from 2002 until its recent wind-up.
Errol Farr, President of the Company stated "Mr. Boyd's extensive experience in
the capital and business markets will be a valuable addition to the Board of the
Directors as the Company moves forward with the development of its Mount
Pleasant Property."
The Company also wishes to announce that Kabir Ahmed has resigned as a director
of the Company effective immediately. Kabir has served as a director of Adex
since January of 2007 and also served as President and CEO from August 2006
until his resignation as such in May 2009. Mr. Ahmed was responsible for the
Company's listing on the TSX-V and the successful completion of two equity
financings in 2007, as well as the completion of numerous development activities
during his tenure as President and CEO. Kabir will continue in a consulting
relationship with the Company.
Errol Farr, President of the Company stated "I would like to thank Kabir for his
years of service and contributions to Adex. It has been a very positive
experience working with him and I wish Kabir the best in the future."
The Company wishes to announce that it has granted options to acquire 200,000
common shares of the Company an exercise price of $0.12 per share to Mr. Boyd
pursuant to the Company's stock option plan. These options, which will vest
quarterly over a period of twelve months, expire on June 22, 2015.
ABOUT ADEX
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-copper mineralization. Located in
Charlotte County, New Brunswick, the Mount Pleasant Mine Property 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".
No securities commission or regulatory authority has approved or disapproved the
contents of this press release.
FORWARD-LOOKING STATEMENTS
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 www.sedar.com 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, except as required by law.
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