Adex Mining Inc. announced that it has entered into a new loan agreement with Great Harvest Canadian Investment Company Limited (Great Harvest) pursuant to which the Company has obtained, and Great Harvest has agreed to provide, a new unsecured loan (the Loan) in the principal amount of up to USD 1,000,000. The Loan 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. The New Loan matures on January 1, 2025.

As such, the Loan 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 Loan comprises a loan or credit facility obtained on reasonable commercial terms that is 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) the Loan is not convertible into equity or voting securities of the Company or a subsidiary of the Company; and (iii) the Loan is not repayable as to principal or interest in equity or voting securities of the Company or a subsidiary of the Company.

The Loan agreement 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 Loan. The Special Committee determined that it is in the best interests of the Company to enter into the Loan agreement.