Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 142,357,907
HALIFAX, Aug. 14 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian"
or the "Corporation") has agreed to sell by private placement 6,000,000 common
shares ("Common Shares") at $0.25 per Common Share and 5,000,000 flow-through
common shares ("Flow-Through Shares") at $0.30 per Flow-Through Share for
aggregate gross proceeds of $3,000,000, closing in two tranches on August 20,
2008 and September 1, 2008 (the "Offering").
Desjardins Securities Inc. will be entitled to receive a finder's fee
equal to 6% of the gross proceeds of the Offering and 220,000 broker's
warrants ("Broker's Warrants"). Each Broker's Warrant will entitle the holder
to acquire one Common Share at $0.30 per Common Share within 12 months of the
Acadian will use the proceeds from the private placement of the
Flow-Through Shares to advance the Beaver Dam, Tangier, Goldenville, Forest
Hill and Fifteen Mile Stream properties and for zinc prospects. Proceeds from
the Common Shares will be used for general corporate purposes.
Acadian is a Halifax, Nova Scotia, Canada based mining company which
operates a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia and is
exploring and developing gold, zinc-lead, and barite properties in Atlantic
The Scotia Mine operates as an open pit mine and is expected to produce
30,000 tonnes of high grade zinc concentrate and 12,000 tonnes of high grade
lead concentrate per year. See Acadian's News Release No. 16-06 dated July 17,
2006 for further details.
The Corporation is also focused on developing five advanced gold
properties. All five of the properties, Beaver Dam, Tangier, Forest Hill,
Goldenville and Fifteen Mile Stream host gold resources described in technical
reports prepared in compliance with National Instrument 43-101 ("NI 43-101")
which are available on www.sedar.com. The Corporation is bringing a new
approach to the development of Nova Scotia gold deposits by pursuing a
multiple mine, central processing, managing and servicing strategy.
The Corporation holds a 44.42% equity interest in Royal Roads Corp.
("Royal Roads") (RRO-TSX-V). Royal Roads' principal asset is a 16,075 hectare
(approximately 32 km x 5 km) mineral property known as the Tulks North
property which is strategically located in the centre of the world-class
Buchans base metal camp in central Newfoundland, Canada. In addition, Royal
Roads holds a 26.4% equity interest in Buchans River Ltd. ("Buchans River")
(BUV-TSX-V), which also holds a highly prospective property portfolio in the
Buchans camp. Acadian's indirect interest in Buchans River is 11.7%.
Terence Coughlan, B.Sc., P. Geo., is a qualified person as defined by
National Instrument 43-101 and has reviewed the technical information reported
in this news release for accuracy.
Forward Looking Statement
Certain information regarding the Corporation 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 the Corporation 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.
The Corporation cautions that actual performance will be affected by a number
of factors, many of which are beyond the Corporation's control, and that
future events and results may vary substantially from what the Corporation
currently foresees. Discussion of the various factors that may affect future
results is contained in the Corporation's Annual Information Form dated March
26, 2008 which is available at www.sedar.com. The Corporation's
forward-looking statements are expressly qualified in their entirety by this
For additional information on the Corporation's properties and
activities, please visit our web site at www.acadianmining.com. If you wish to
be added to the Corporation's e-mail or fax distribution list for future news
releases and updates, please contact Acadian at phone: (902)444-7779, fax:
(902)444-3296, email: email@example.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;