By Devika Patel
Knoxville, Tenn., Dec. 30 - Adex Mining Inc. said it raised C$1.01 million in a private placement of units.
The company sold 8,408,665 units of one flow-through common share and one half-share warrant at C$0.12 apiece. Each whole two-year warrant will be exercisable at C$0.175 in the first year and at C$0.20 thereafter.
Proceeds will be used for exploration.
Based in Toronto, Adex Mining is a development-stage company that has not yet generated revenue from mining operations. The company holds the subsurface mineral rights to about 4,000 acres in the Mount Pleasant mine area of New Brunswick. The principal metals include tungsten, molybdenum, tin and indium.
| Issuer: | Adex Mining Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,009,040
|
| Units: | 8,408,665
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.175 in the first year, C$0.20 thereafter
|
| Settlement date: | Dec. 30
|
| Stock symbol: | TSX Venture: ADE
|
| Stock price: | C$0.10 at close Dec. 30
|
| Market capitalization: | C$8.81 million
|
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