Adex Mining Announces Amendments to Existing Loan Arrangements With Great Harvest

TORONTO, Aug. 28, 2023 (GLOBE NEWSWIRE) -- 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 agreements 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 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$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 advances 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 advances 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 Company 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 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$118,172 as of August 28, 2023.