Adex Announces Appointment of Michael Boyd to the Board of Directors and Grant of Options
TORONTO, ONTARIO -- (Marketwire) -- 06/23/10 -- 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