Adex Completes Rights Offering, Issues Additional Common Shares

Adex Mining Inc. (TSXV:ADE) announced the completion of its $5 million rights offering to acquire common shares, which ended February 4, 2015 at 4:00 p.m. EST. The number of subscriptions the company received was in excess of the available common shares, which led the company to issue 500,000,000 new common shares at a price of $0.01  each, to raise aggregate gross proceeds of $5 million. Adex now has 677,211,411 common shares issued and outstanding.

As quoted in the press release:

The Company received subscriptions for a total of $5,255,317.24 for 525,531,724 Common Shares of Adex, in excess of the available Common Shares under the Rights Offering. Basic subscriptions have been allocated in full and additional subscriptions have been allocated on a pro rata basis in accordance with the procedures set out in the Company’s (final) long form prospectus (the “Prospectus”) dated December 15, 2014, which qualified the issuance of the Rights and the underlying Common Shares to the public.

Click here to read the full Adex Mining Inc. (TSXV:ADE) press release.