Adex Mining Inc. (TSX.V:ADE) announced it has raised just more than $1 million through a private placement completed Thursday of 8,408,665 units at 12 cents per unit.

The offering was raised through the subscriptions by members of the MineralFields Group of companies. Adex will use proceeds to advance development of the company's wholly-owned Mount Pleasant Mine property about 80 kilometres south of Fredericton in Charlotte County.

"We are very pleased to be commencing a relationship with MineralFields Group," said Errol Farr, president and CEO. "This is an important milestone in the growth of Adex and we look forward to working with MineralFields Group as we advance the development of our wholly-owned Mount Pleasant Mine property located in New Brunswick, Canada."

The property is a multi-mineral project with tungsten-molybdenum and tin-indium-zinc-copper mineralization.