Adex Mining Announces Further Amendments to Existing Loan Arrangements with Great Harvest
ADEX MINING ANNOUNCES FURTHER AMENDMENTS TO EXISTING LOAN
ARRANGEMENTS WITH GREAT HARVEST
Toronto, Ontario – November 28, 202 4 – 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 , September 2021 and Octo ber 2023 loan agreements
between Adex and Great Harvest, as amended (the “Loans”) to January 1, 2027.
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, 20 17, December 31, 2018, April 27, 2020, August
28, 2023, and November 28, 2024, and advances of up to US$1,000,000 were most recently due to mature
on January 1, 2025. The 2016 Loan, of which all US$1,000,000 has been drawn, bears interest at 8% per
annum and the loan agreement entitles the Company to effect repayment of amounts drawn under the
2016 Loan at any time prior to maturity, without penalty. Accrued and unpaid interest on the 2016 Loan
totaled US$629,467 as of November 28, 2024.
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 , April 27, 2020 , August 28, 2023, and November
28, 2024, and advances of up to US$600,000 were most recently due to mature on January 1, 2025. The
2018 Loan, of which all US$600,000 has been drawn, bears interest at 8% per annum and the loan
agreement entitles the Company to effect repayment of amounts drawn under the Loan at any time prior
to maturity, without penalty. Accrued and unpaid interest on the 2018 Loan totaled US$ 316,878 as of
November 28, 2024.
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, August 28, 2023, and November 28, 2024, and advances
of up to US$600,000 were most recently due to mature on January 1, 2025. The 2019 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 und er the Loan at any time prior to maturity, without
penalty. Accrued and unpaid interest on the 2019 Loan totaled US$253,000 as of November 28, 2024.
The 2020 Loan was made available to Adex pursuant to a loan agreement with Great Harvest dated April
27, 2020, as amended on April 2 6, 2021, August 28, 2023, and November 28, 2024, and advances of up
to US$600,000 were most recently due to mature on January 1, 2025 . The 2020 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 2020 Loan totaled US$179,239 as of November 28, 2024.
The 2021 Loan was made available to Adex pursuant to a loan agreement with Great Harvest dated
September 30, 2021, as amended on August 28, 2023 and November 28, 2024 , and advances of up to
US$1,000,000 under the Loan were most recently due to mature on January 1, 2025. The 2021 Loan, of
which all US$1,000,000 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 2021 Loan totaled US$170,206 as of November 28, 2024.
The 2023 Loan was made available to Adex pursuant to a loan agreement with Great Harvest with an
effective date of October 25, 2023, as amended on November 28, 2024 , and advances of up to
US$1,000,000 were originally due to mature on January 1, 2025. The 2023 Loan, of which US$ 623,300
has been drawn, bears interest at 8% per annum and the loan agreement entitles the Company to effect
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repayment of amounts drawn under the Loan at any time prior to maturity, without penalty. Accrued and
unpaid interest on the 2023 Loan totaled US$29,665 as of November 28, 2024.
Total amounts draw n under the Loans, together with all accrued and unpaid interest thereon, totaled
US$6,001,754 as of November 28, 2024. Copies of the amendments to the 2016, 2018, 2019, 2020 , 2021
and 2023 Loan agreements may be found on the Company’s SEDAR+ profile at www.sedarplus.ca.
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 Share s. Great Harvest is controlled by Yan Kim Po and Linda Lam Kwan, both
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 respective maturity dates of the Loans constitutes 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 facility 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 equ ity 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 maturity 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 inter ests 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 c ompany 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 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
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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.
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 e xpressed 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, Ne w
Brunswick and Nova Scotia Securities Commissions which are available at www.sedar plus.ca 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 A dex 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 th at 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 cont ained
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.