Adex Shareholders Approve Great Harvest Transaction
October 14 2010 - 3:01PM
Marketwired
Adex Mining Inc. ("Adex" or the "Corporation") (TSX VENTURE: ADE)
is pleased to announce that the shareholders of the Corporation
today overwhelmingly approved the transactions contemplated by
Subscription Agreement (the "Agreement") made as of the 18th day of
August, 2010 between Adex and Great Harvest Canadian Investment
Company Limited ("Great Harvest") which were previously announced
by the Corporation in a press release on August 23, 2010. The first
step in the transactions, being a private placement (the "Private
Placement") to Great Harvest of 40,000,000 units (the "Units") at a
price of $0.12 per unit with each Unit consisting of one common
share (a "Common Share") of Adex and one Common Share purchase
warrant (a "Series A Warrant"), is, subject to final TSX-Venture
Exchange approval, expected to close on or before October 25, 2010.
Each Series A Warrant will entitle the holder thereof to acquire
one Common Share at a price of $0.18 at any time prior to 5:00 p.m.
(Toronto time) on earlier of (i) the first anniversary of the date
of the closing of the Private Placement, and (ii) the 30th day
following the delivery by the Corporation to the holder thereof of
the report of the results of a Definitive Feasibility Study on the
commencement of a mining operation at either or both of the North
Zone or the Fire Tower Zone of the Corporation's Mount Pleasant
Mine Property.
ABOUT ADEX
Adex Mining Inc. is a Canadian junior mining company with an
experienced management team. The Corporation 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".
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.
No securities commission or regulatory authority has approved or
disapproved the contents of this press release.
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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