Acadian Comments on Remedial Delisting Review Initiated by the Toronto Stock Exchange
Trading Symbol: ADA: TSX; ADAIF: OTCQX
HALIFAX, June 21, 2012 /CNW/ - Acadian Mining Corporation ("Acadian" or the "Company") announced that the Toronto Stock Exchange (the "TSX") has informed the Company that it is reviewing the eligibility for continued listing of Acadian's common shares on the TSX. The remedial delisting review was initiated because the value of the shares of Acadian that are held by "public shareholders" has been below the $2 million threshold required under TSX Policy for a period of 30 consecutive trading days. Two significant shareholders hold approximately 72% of the outstanding shares of Acadian, and under TSX policy, the value of these shares cannot be included when calculating the value of the shares held by "public shareholders". The Company has been granted up to 120 days to comply with all of the TSX requirements for continued listing.
Acadian's management is currently reviewing the situation and evaluating various courses of action to meet TSX requirements before the end of the 120 day period. However, it is the intent of Acadian to maintain a listing for the Company's shares.
Management is focused on developing a long term financing plan for the Company, and has initiated some staff cut backs in order to lower overheads until this plan can be completed.
Annual Meeting of Shareholders:
At its Annual General Meeting of Shareholders conducted on June 20, 2012, Acadian shareholders re-elected the current board members, namely Jascha Boge, William Bush, Grant Ewing, Peter Lee, Allan Trench, and Glenn Williams.
Forward Looking Statements
Certain information regarding Acadian contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance, or other statements that are not statements of fact. 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. Discussion of the various factors that may affect future results is contained in Acadian's Annual Information Form dated March 29, 2012, which is available at www.SEDAR.com. Acadian's forward looking statements are expressly qualified in their entirety by this cautionary statement.
About the Corporation
Acadian is a Halifax, Nova Scotia, Canada based company with five advanced gold projects, all of which host National Instrument 43-101 compliant resources. The Corporation also owns barite properties on Cape Breton Island, Nova Scotia. Acadian's primary focus is centered on exploration and development of its core gold deposits in Atlantic Canada, namely the Fifteen Mile Stream and Beaver Dam Projects.
For additional information on Acadian's properties and activities, please visit our web site at: www.acadianmining.com.
No regulatory authority has approved or disapproved the contents of this news release.For further information:
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: (877) 444-7774
Halifax, Nova Scotia