Adex Mining Announces Repayment of Great Harvest Loans
TORONTO, ONTARIO--(Marketwired - Mar 5, 2015) - Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announce the early repayment, in full including accrued and unpaid interest, of both of its outstanding term loans advanced in 2014 by Great Harvest Canadian Investment Company Limited ("Great Harvest"), Adex's largest shareholder. Great Harvest provided two US$1 million loans (the "Loans") to the Company pursuant to loan agreements (the "Agreements") dated January 28, 2014 and August 15, 2014, respectively, the latter of which was eligible to be drawn by Adex in installments. Each Loan was to mature 12 months from the date of the applicable Agreement; in the case of the January 28, 2014 Agreement, the Company and Great Harvest agreed to extend the maturity. Copies of each Agreement may be found on the Company's SEDAR profile at www.sedar.com.
Each Loan bore interest at 8% per annum and the Agreements entitled the Company to effect repayment of the Loans at any time prior to maturity, without penalty. At the time of repayment, the aggregate principal amount outstanding of both Loans, together with accrued and unpaid interest thereon, totalled US$2,119,377.78.
The repayments were carried out using proceeds from the Company's recently-completed rights offering.
Great Harvest, which is controlled by certain insiders of the Company, controls approximately 81.88% of the issued and outstanding common shares of the Company.
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 mineralization. Located in Charlotte County, New Brunswick, the Mount Pleasant Mine Property is 80 kilometres south of Fredericton, the provincial capital, and 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.
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.
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, Ontario, New Brunswick and Nova Scotia 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.
Adex Mining Inc.
Yan Kim Po
Chairman, Interim President and Chief Executive Officer