Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 191,607,241
ACADIAN MINING CORPORATION ANNOUNCES NEW DIRECTOR
HALIFAX, June 10 /CNW/ -Acadian Mining Corporation (TSX: ADA) ("Acadian"
or the "Company") is pleased to announce that at its annual and special
meeting of shareholders on June 9, 2009 ("Meeting") the Acadian shareholders
voted in favour of a resolution to approve the second tranche of private
placement with Golden River Resources Corporation ("Golden River"). Acadian is
also pleased to announce the appointment of Menachem Vorchheimer to its board
Pursuant to a letter agreement dated March 16, 2009, Acadian agreed to a
private placement with Golden River involving the issuance of up to
338,111,334 common shares for aggregate gross proceeds of up to $10 million.
The private placement was comprised of two tranches. The first tranche,
comprised of 38,111,334 common shares for aggregate proceeds of $1 million,
closed in two closings - one on April 3, 2009 and the other on June 1, 2009.
The second tranche of the private placement ("Second Tranche"),
300,000,000 shares at $0.03 per share for aggregate proceeds of $9 million,
was subject to the approval of shareholders and to the satisfaction of certain
other conditions. See news release 06-05 dated April 3, 2009 for further
The proceeds of the Second Tranche are to be used by Acadian for
operational overheads, the advancement of Acadian's gold properties and the
discharge of creditors of Acadian and its wholly- owned subsidiary, ScoZinc
Ltd., all in accordance with a plan and budget approved by Golden River.
At the Meeting, shareholders re-elected all Acadian's existing directors,
namely Jasche Boge, Jim Borland, Terry Coughlan, Herman Felderhof, Will
Felderhof and Glenn Williams. In accordance with the terms of the agreement
with Golden River, Golden River was entitled to appoint a nominee to the board
of Acadian once the first tranche of the private placement was completed.
Following the Meeting, Menachem Vorchheimer was added as an additional member
of the board as Golden River's nominee.
"I am very pleased that the shareholders of Acadian have endorsed the
private placement with Golden River. I believe it will give Acadian the
opportunity to restructure and move forward. The Golden River group has a
strong and very successful track record for developing and operating gold
mines in Australia and I believe that they will be instrumental in helping
Acadian grow into a sizeable North American mining company that will bring
value to all shareholders", said Will Felderhof, President and Chief Executive
Officer of Acadian.
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
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,