ADEX announces financing for Mount Pleasant acquisition and expanded exploration programs.TORONTO, ON--(BUSINESS WIRE)--May 3, 1995--ADEX MINING CORP. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : AMG AMG All Music Guide (music website) AMG All Media Guide (group of media websites) AMG All Movie Guide (Movie website) AMG Arzneimittelgesetz (German Law) ) ADEX ADEX Athens Derivatives Exchange (Athens, Greece) ADEX Air Defense Exercise ADEX Advertisement Expenditure ADEX Asociaciã³n de Exportadores (Peru) Mining Corp. announced today that the company has negotiated a private placement of special warrants with Yorkton Securities Inc. and Griffiths, McBurney & Partners Inc., which provides for the placement of 12,000,000 special warrants at 30 cents per special warrant, each special warrant entitling the holder to receive without further compensation one common share of ADEX and one two year share purchase warrant entitling the holder to purchase one further common share of ADEX at 40 cents in the first year and 50 cents in the second year of the warrant. It is intended to close this special warrant transaction on or before June 23, 1995 but only after receipt of shareholder approval. The company intends to qualify the special warrants by filing a prospectus which is expected to be complete by October 1995. ADEX intends to use the proceeds of this private placement to fund the cash portion of the acquisition of the Mount Pleasant Mine, a multi-metal mine development project in New Brunswick. As announced on May 1, 1995, ADEX intends to acquire a 100 percent interest in the project on or about the end of June 1995. ADEX is currently funding work programs at the site including diamond drilling and metallurgical processing. Proceeds will also find a final feasibility study and an expanded drill program to follow-up newly discovered mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . ADEX also reports today that it has begun sampling a high grade sulfide concentrate stockpile. Initial sampling of this material returned values grading 8 percent molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. (MOS-2), 4 percent bismuth bismuth (bĭz`məth) [Ger. Weisse Masse=white mass], metallic chemical element; symbol Bi; at. no. 83; at. wt. 208.9804; m.p. 271.3°C;; b.p. about 1,560°C;; sp. gr. 9.75 at 20°C;; valence +3 or +5. , 7 percent zinc, 2 percent copper, 0.5 percent tin and 0.5 percent tungsten (WO3). This bulk sulfide concentrate is estimated to be between 15,000 to 20,000 tonnes with a gross value of over $25 million. A low cost biological leach process is being considered to recover these metals. ADEX intends to process this material as soon as possible. The estimated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $12 million from this project could assist in funding mine development. CONTACT: Bill Burton, 416/947-1179 INDUSTRY KEYWORD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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