Adex Mining Announces Amendments to Existing Loan Arrangements with Great Harvest
ADEX MINING ANNOUNCES AMENDMENTS TO EXISTING LOAN ARRANGEMENTS
WITH GREAT HARVEST
Toronto, Ontario – August 28, 2023 – Adex Mining Inc. (“ Adex” or the “Company”) (TSX‐V: ADE)
announces today that it has entered into agreements with Great Harvest Canadian Investment Company
Limited (“Great Harvest”), Adex's largest shareholder, to extend the maturity of the July 2016, January
2018, March 2019, April 2020 and September 2021 loan ag reements between Adex and Great Harvest, as
amended (the “Loans”) to January 1, 2025.
The 2016 Loan was made available to Adex pursuant to a loan agreement with Great Harvest dated July
14, 2016, as amended on July 13, 2017, December 31, 2017, December 31, 2018 and April 27, 2020 and
advances of up to US$1,000,000 were most recently due to mature on August 31, 2023. The 2016 Loan, of
which all US$1,000,000 has been draw n, bears interest at 8% per annum and the loan agreement entitles
the Company to effect repayment of amounts drawn under the 2016 Loan at any time prior to maturity,
without penalty. Accrued and unpaid interest on the 2016 Loan totaled US$527,689 as of August 28, 2023.
The 2018 Loan was made available to Adex pursuant to a loan agreement with Great Harvest dated January
18, 2018, as amended on December 31, 2018 and April 27, 2020 and adva nces of up to US$600,000 were
most recently due to mature on August 31, 2023. The 2018 Loan, of which all US$600,000 has been drawn,
bears interest at 8% per annum and the loan agreement entitles the Company to effect repayment of amounts
drawn under the Loan at any time prior to maturity , without penalty. Accrued and unpaid interest on the
2018 Loan totaled US$255,811 as of August 28, 2023.
The 2019 Loan was made available to Adex pursuant to a loan agreement with Great Harvest dated March
4, 2019, as amended on March 5, 2020, and advan ces of up to US$600,000 were most recently due to
mature on August 31, 2023. The 2019 Loan, of which all US$600,000 has been drawn, bears interest at 8%
per annum and the loan agreement entitles the Compan y to effect repayment of amounts drawn under the
Loan at any time prior to maturity, without penalty. Accrued and unpaid interest on the 2019 Loan totaled
US$191,933 as of August 28, 2023.
The 2020 Loan was made available to Adex pursuant to a loan agreement with Great Harvest dated April
27, 2020, as amended on April 26, 2021, and advances of up to US$600, 000 were most recently due to
mature on August 31, 2023. The 2020 Loan, of which all US$600,000 has been drawn, bears interest at 8%
per annum and the loan agreement entitles the Compan y to effect repayment of amounts drawn under the
Loan at any time prior to maturity, without penalty. Accrued and unpaid interest on the 2020 Loan totaled
US$118,172 as of August 28, 2023.
The 2021 Loan was initially made available to Adex pursuant to a loan agreement with Great Harvest dated
September 30, 2021, and advances of up to US$1,000,000 under the Loan were originally due to mature on
August 31, 2023. The 2021 Loan, of which US$898,000 h as been drawn, bears interest at 8% per annum
and the loan agreement entitles the Company to effect repayment of amounts drawn under the Loan at any
time prior to maturity, without penalty. Accrued and unpaid interest on the 2021 Loan totaled US$69,174
as of August 28, 2023.
Total amounts drawn under the Loans, together with all accrued and unpaid interest thereon, totaled
US$4,860,779 as of August 28, 2023. Copies of the amendments to the 2016, 2018, 2019, 2020 and 2021
Loan agreements may be found on the Company’s SEDAR profile at www.sedar.com.
Great Harvest beneficially owns, directly or indirectly, or exercises control or direction over, 554,468,276
common shares (“ Common Shares ”) of Adex, representing approximately 81.88% of the issued and
outstanding Common Shares. Great Harvest is cont rolled by Yan Kim Po and Linda Lam Kwan, both
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directors of the Company, and is a "related party" of the Company within the meaning of Multilateral
Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). As
such, the extension to the respectiv e maturity dates of the Loans cons titutes a "related party transaction"
within the meaning of MI 61-101. The Company is relying on an exemption from the minority approval
requirement that applies to related party transactions, which exemption is available to the Company as: (i)
the amended Loans each comprise a loan or credit f acility obtained on reasonable commercial terms that
are not less advantageous to the Company than if the loan or credit facility were obtained from a person
dealing at arm's length with the Company; (ii) none of the amended Loans is convertible into equity or
voting securities of the Company or a subsidiary of the Company; and (iii) none of the amended Loans is
repayable as to principal or interest in equity or voting securities of the Company or a subsidiary of the
Company.
The respective amending agreements extending the matur ity date of each of the Loans has been reviewed
and approved by a special committee (the “Special Committee”) comprised of members of the Board who
are independent of Great Harvest and are not members of management of the Company. Each of Yan Kim
Po, Linda Lam Kwan and Pierre Wing Kin Sze, all directors of the Company who are associated with Great
Harvest, abstained from voting with respect to the amendments to the Loans. The Special Committee
determined that it is in the best interests of the Company to extend the maturity dates of the Loans and have
determined that it is reasonable for the extension to be effected fewer than 21 days from the date of the
announcement thereof.
ABOUT ADEX
Adex Mining Inc. is a Canadian junior mining co mpany with an experienced management team. The
Company is focused on developing its flagship Mo unt Pleasant Mine Property, a multi-metal project that
is host to promising tungsten-molybdenum and tin-i ndium-zinc mineralization. Located in Charlotte
County, New Brunswick, the Mount Pleasant Mine Propert y is 80 kilometers south of Fredericton, the
provincial capital, and 65 kilometers from the United States border. The common shares of Adex trade on
the TSX Venture Exchange under the stock symbol “ADE”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Linda Lam Kwan
Chief Executive Officer
Adex Mining Inc.
1-647-243-8452
Email: [email protected]
Website: www.adexmining.com
No securities commission or regulatory authority has appro ved 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.
FORWARD‐LOOKING STATEMENTS
Certain statements in this press release may constitute “forward‐looking” statements which involve known
and unknown risks, uncertainties and other factor s 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.
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When used in this press release, th e words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”,
“may”, “should”, “will”, the negative thereof or other variations thereon or co mparable 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 resu lts, 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, Onta rio, 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 prosp ects and the risks and uncertainties relating to Adex
and its prospects. New risk factors may arise from tim e 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 here of or to reflect the occurrence of
unanticipated events, except as required by law.