Court Approves LionGold's Acquisition of Acadian Mining Corporation
Trading Symbol: ADA: TSXV; ADAIF: OTCQX
HALIFAX, Oct. 4, 2013 /CNW/ - Acadian Mining Corporation (the "Company" or "Acadian") (TSXV: ADA) and LionGold Corp. Ltd. ("LionGold") (Singapore: LIGO) are pleased to announce that the Supreme Court of Nova Scotia has approved the arrangement pursuant to Section 192 of the Canada Business Corporations Act proposed under the terms of an arrangement agreement dated as of July 28, 2013 among Acadian, LionGold Corp. Ltd. and its wholly owned subsidiary LionGold Mining Canada Inc. (formerly 9286-0931 Québec Inc.) ("AcquisitionCo"), and to be effected on the terms and conditions set out in the plan of arrangement (the "Arrangement"), which had been previously approved by the shareholders of Acadian at a special meeting held on October 3, 2013. The effective date of the Arrangement ("Effective Date") is expected to be on or about October 11, 2013.
Pursuant to the terms of the Arrangement, on the Effective Date, LionGold will acquire, through AcquisitionCo, all of the issued and outstanding common shares of Acadian ("Acadian Shares") (other than the Acadian Shares currently owned by it or its affiliates) in consideration of C$0.12 in cash for each Acadian Share. Closing of the Arrangement is subject to the satisfaction or waiver of the other conditions to the Arrangement, including receipt of all necessary regulatory approvals.
Further information on the Arrangement is set out in Acadian's management information circular dated September 3, 2013 and the joint news release of Acadian and LionGold dated July 29, 2013, which are available on the Company's profile on SEDAR at www.sedar.com.
Acadian Shares will continue to trade on the TSX Venture Exchange under the symbol "ADA" until the end of the trading day before the Effective Date of the Arrangement.
A Letter of Transmittal has been mailed to all registered Acadian shareholders and is available on the Company's profile at www.sedar.com. Copies of the letter of transmittal may also be obtained by contacting Computershare Investor Services Inc., the depositary for the Arrangement, or the Company directly.
Acadian is a Halifax, Nova Scotia, based company with several gold projects located in Atlantic Canada. The Company also owns barite properties on Cape Breton Island, Nova Scotia. Acadian's primary focus is centered on exploration and development of its two core gold deposits, namely the Fifteen Mile Stream and Beaver Dam Projects.
For additional information on Acadian's properties and activities, please visit its website at: www.acadianmining.com.
About LionGold Corp Ltd.
LionGold Corp Ltd. is Singapore's first Main Board listed gold company. LionGold has rapidly established itself in the global gold mining industry. Since March 2012, interests in seven gold exploration and mining companies have been acquired, two of which are in production. Primary concessions are currently in Australia, Ghana and Bolivia. Future expansion will be achieved through further acquisitions and organic growth. For more information visit: www.liongoldcorp.com.
Certain information contained in this news release, including any information relating to the proposed transaction (the "Transaction") and Acadian's future financial or operating performance may be deemed "forward-looking". These statements relate to future events or future performance and reflect Acadian's expectations regarding the Transaction, and the future growth, results of operations, business prospects and opportunities of Acadian and the combined company. These forward-looking statements also reflect Acadian's current internal projections, expectations or beliefs and are based on information currently available to Acadian, respectively. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward looking information regarding completion of the Transaction is based include that Acadian will be able to satisfy the conditions to the Transaction, that all third party regulatory and governmental approvals to the Transaction will be obtained and all other conditions to completion of the Transaction will be satisfied or waived. Although Acadian believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Acadian cautions that actual performance will be affected by a number of factors, many of which are beyond Acadian's control, and that future events and results may vary substantially from what Acadian currently foresees. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Acadian expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. Discussion of the various factors that may affect future results is contained in Acadian's Annual Information Form dated March 29, 2012 and Acadian's management information circular dated September 3, 2013, which are available at www.sedar.com. Acadian's forward looking statements are expressly qualified in their entirety by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Acadian Mining CorporationFor further information:
President and Chief Executive Officer, Acadian Mining Corporation
Toll free: (877) 444-7774
Tan Soo Khoon Raymond
Director & Group General Counsel, LionGold Corp. Ltd.
+65 6690 6864