Adex Announces Appointment of Michael Boyd to the Board of Directors and Grant of Options
June 23 2010 - 8:26AM
Marketwired
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Adex Mining Inc. J. Errol Farr, CMA President, Chief
Executive Officer and Director 1-866-508-2339 (ADEX)
investorrelations@adexmining.com www.adexmining.com
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