Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 153,495,907
HALIFAX, April 3 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian"
or the "Company") is pleased to announce that it has completed the initial
closing of the first tranche of the private placement of common shares
("Shares") to Golden River Resources Corporation ("Golden River") announced on
March 17, 2009. Acadian issued 17,053,205 Shares for aggregate gross proceeds
of Cdn$447,457.34. The closing of the balance of the first tranche (21,251,640
Shares for aggregate gross proceeds of Cdn$552,452.66), is expected to close
before the end of April, 2009, subject to regulatory approval. Upon completion
of closing of the first tranche, Golden River will be entitled to nominate one
member to the board of directors of Acadian.
The remaining Cdn$9.0 million of the Offering (300,000,000 shares at
Cdn$0.03 per share) will close in one or more tranches upon the receipt of all
necessary regulatory approvals, approval of the shareholders of Acadian and
the satisfaction of certain other conditions precedent, including satisfactory
resolution of ScoZinc's CCAA proceedings, completion of due diligence by
Golden River and the acquisition by the Company of the remaining 50% of the 15
Mile Stream mineral claims for a cash payment of $70,000, a non-interest
bearing note payable for $1.0 million due one year from the date of
acquisition and a 1% nsr to G. William Felderhof, President of the Company,
and members of his family.
Acadian will seek approval from its shareholders at its next annual
meeting. Notice of the meeting and supporting documents will be mailed to
shareholders in the coming weeks.
The proceeds of the offering are to be used by Acadian for operational
overheads, the advancement of Acadian's gold properties and the discharge of
ScoZinc's creditors all in accordance with a plan and budget approved by
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
being placed on care and maintenance, 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,