By Devika Patel
Knoxville, Tenn., Oct. 22 - Adex Mining Inc. said it plans a C$3 million private placement of shares.
The company will sell up to 5,000,000 flow-through common shares at C$0.60 apiece. The shares will have a four-month hold period.
A syndicate led by Jennings Capital Inc. and including Paradigm Capital Inc. will be the agents for this deal. The agents have a greenshoe for an additional 1,000,000 flow-through shares, or C$600,000.
The agents will be paid a 7% cash commission and receive a number of non-transferable broker warrants equal to 7% of the number of shares sold, with each warrant exercisable at C$0.60 for 16 months.
Proceeds of the deal, scheduled to close on Nov. 8, 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: | Flow-through common shares
|
| Amount: | C$3 million
|
| Shares: | 5,000,000
|
| Greenshoe: | 1,000,000 shares, or C$600,000
|
| Price: | C$0.60
|
| Warrants: | No
|
| Agent: | Jennings Capital Inc. (lead), Paradigm Capital Inc.
|
| Fees: | 7% in cash, 7% in broker warrants
|
| Pricing date: | Oct. 22
|
| Settlement date: | Nov. 8
|
| Stock symbol: | TSX Venture: ADE
|
| Stock price: | C$0.51 at close Oct. 22
|
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