Almadex Minerals Announces Closing of $3.3 Million Non-Brokered Private Placement

VANCOUVER, BC--(Marketwired - February 27, 2017) - Almadex Minerals Limited ("Almadex" or the "Company") (TSX VENTURE: AMZ) (OTCQB: AXDDF) is pleased to announce that it has closed its previously announced non-brokered private placement with the issuance of 2,496,000 units ("Units") at $1.35 per Unit. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant (each such whole share purchase warrant, a "Warrant"). Each Warrant allows the holder to purchase one common share of the Company at a price of $2.00 per share until August 27, 2019. Fees consisting of $106,650.00 in cash and warrants to purchase 44,400 common shares at a price of $1.35 per common share until August 27, 2019 were paid to arms-length finders on a portion of the placement. All securities issued in connection with the private placement are subject to a hold period in Canada which expires on June 28, 2017.

Almadex intends to use the proceeds of the private placement to continue drilling targets at its 100% owned El Cobre gold/copper porphyry project in Veracruz, Mexico, and for general working capital purposes.

Morgan Poliquin, President of Almadex, states, "We are very pleased to have received strong support for this offering and to have closed on a larger amount than originally anticipated. The strong interest allows us to accelerate the drill program at El Cobre. With all necessary permits in hand, we will shortly have two drills turning at the project and look forward to a productive year."

Almadex also announces that, pursuant to its Stock Option Plan, it has granted stock options to a director of the Company to purchase 115,000 common shares in the capital of the Company at an exercise price of $1.35 per share which expire on February 27, 2019.

About Almadex

Almadex Minerals Limited is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S. and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by Almadex and, prior to its spinout, by Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject to a sliding-scale net smelter returns royalty ("NSR") equivalent to 0.5% in the event that production from the property exceeds 10,001 tonnes per day of ore. This NSR can be reduced to 0.25% at this production rate through the payment of US$3 million.