Trading Symbol: ADA: TSXV; ADAIF: OTCQX
HALIFAX, Oct. 3, 2013 /CNW/ - Acadian Mining Corporation (the "Company"
or "Acadian") (TSXV: ADA) and LionGold Corp. Ltd. ("LionGold")
(Singapore: LIGO) are pleased to announce that at the special meeting
of shareholders held today, the shareholders of Acadian ("Acadian
Shareholders") approved the resolution authorizing the previously
announced plan of arrangement involving Acadian, LionGold Corp. Ltd.
and its wholly owned subsidiary LionGold Mining Canada Inc. (formerly
9286-0931 Québec Inc.) (the "Arrangement"), as well as a reduction in
the stated capital of the common shares of Acadian proposed in
connection with the Arrangement.
The above-mentioned resolutions each required the approval of 66⅔% of
the votes cast by Acadian Shareholders. At the meeting, over 81% of
Acadian Shareholders were represented in person or by proxy and, of
those, over 99% voted in favour of the Arrangement and reduction in
stated capital. Under the terms of the Arrangement, Acadian
Shareholders (other than LionGold or its affiliates) will receive
C$0.12 in cash for each common share of the Company they hold on the
effective date of the Arrangement, all as more particularly described
in Acadian's management information circular dated September 3, 2013
The Arrangement remains subject to, among other things, the final
approval of the Supreme Court of Nova Scotia. The hearing for the final
order of the Court to approve the Arrangement is scheduled to occur on
October 4, 2013 and the effective date of the Arrangement is expected
to be on or about October 11, 2013.
Further information on the Arrangement is set out in the Circular 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 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
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 Corporation
For 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