Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 170,549,112
HALIFAX, May 21 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian"
or the "Corporation") is pleased to announce that creditors of ScoZinc
Limited, a wholly-owned subsidiary of Acadian, overwhelmingly approved a
proposed plan of arrangement ("Plan") submitted to them pursuant to the
provisions of the Companies Creditors Arrangement Act ("CCAA"). At a meeting
held on May 21, 2009, creditors who hold 100% of the $1,252,000 of secured
debt and creditors who hold 95% of the $6,472,000 of unsecured debt affected
by the Plan voted in favour of the Plan. ScoZinc is scheduled to seek approval
of the Plan by the Nova Scotia Supreme Court ("Court") on May 28, 2009.
Will Felderhof, President and CEO stated, "Obviously, I am very pleased
with this exceptionally strong vote in favour of the Plan by the ScoZinc
creditors. This was a very important hurdle to cross in Acadian's
re-structuring effort. Subject to the Court sanctioning the Plan, a key
condition precedent to the planned $10 million private placement by Golden
River Resources Corporation ("Golden River") has now been met."
Under the terms of the Plan, certain creditors will be paid in full,
including secured creditors, employees, amounts owing to TCE Capital
Corporation (which provided interim funding since the date of the original
order under the CCAA) and amounts owing to creditors who provided services to
ScoZinc since the date of the original order. See the Corporation's news
release 07-09 dated April 29, 2009 for further details of the Plan. The
materials filed with the Court to date in the CCAA proceedings are available
at www.grantthornton.ca under the Creditor Updates Links.
The completion of the Plan is contingent on Acadian completing the
private placement with Golden River. The Golden River private placement is
subject to a number of conditions including the satisfactory completion of due
diligence activities by Golden River by June 1, 2009, approval of the Plan by
ScoZinc's creditors and the Court, regulatory approval and approval of the
private placement by the shareholders of Acadian at the annual and special
meeting of shareholders scheduled for June 9, 2009. See the Corporation's news
release 06-09 dated April 3, 2009 for further details of the private
Acadian is a Halifax, Nova Scotia, Canada based mining company that owns
a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently
in care and maintenance mode, and is exploring and developing gold, zinc-lead,
and barite properties in Atlantic Canada.
Forward Looking Statement
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 31, 2009, which is available at www.sedar.com.
Acadian's forward-looking statements are expressly qualified in their entirety
by this cautionary statement.
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
For further information:
For further information: G. William Felderhof, President & CEO; Terry F.
Coughlan, Vice President, (902) 444-7779, Toll Free: 877-444-7774,