Trading Symbol: ADA: TSX; ADAIF: OTCQX
HALIFAX, Oct. 26, 2012 /CNW/ - Acadian Mining Corporation ("Acadian" or the "Company") announces that Golden River Resources Corporation ("Golden River"), the Company's largest shareholder, has sold 10,783,145 common shares of Acadian that it owned, representing approximately 19.9% of the Company's shares. The shares were sold to Nelson Fernandez, a Malaysian resident, at a price of $0.13, which represents a significant premium to the market price (+70% premium).
Following the sale, Golden River holds 17,427,730 common shares representing approximately 32.16% of the issued and outstanding common shares of Acadian. In addition, Golden River holds a convertible debenture of Acadian in the principal amount of $420,000. The debenture is convertible into common shares at the option of Golden River at a price of $0.12 at any time until June 6, 2014.
Forward Looking Statements
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 29, 2012, which is available at www.SEDAR.com. Acadian's forward looking statements are expressly qualified in their entirety by this cautionary statement.
About the Company
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 our web site at: www.acadianmining.com.
No regulatory authority has approved or disapproved the contents of this news release.
SOURCE: ACADIAN MINING CORPORATION
For further information:
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: (877) 444-7774
Halifax, Nova Scotia