Acadian Announces Closing of $900,000 Private Placement
07.03.2013 | CNW
HALIFAX, March 7, 2013 - Acadian Mining Corporation ("Acadian" or the "Company") (TSXV: ADA) (OTCQX: ADAIF) is pleased to announce that it has closed the non-brokered $900,000 private placement ("Private Placement") announced on February 28, 2013. Pursuant to the Private Placement, Acadian issued 10,000,000 shares at a price of $0.09 per share for aggregate gross proceeds of $900,000. The Company intends to use the proceeds of the Private Placement to further develop its core assets and for general working capital.Insiders participated in the Private Placement, purchasing 4,000,000 shares. In relation to the insiders who participated in the Private Placement, Acadian has determined that there are exemptions available from a number of the requirements of the TSX Venture Policy 5.9 and Multilateral Instrument 61-101("MI-61-101") - Protection of Minority Security Holders in Special Transactions for the issuance of these shares. The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Private Placement exceeds 25% of the Company's market capitalization calculated in accordance with MI-61-101. No new control person or insider was created as a result of the Private Placement.
The shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months and one day. No finder's fees or commissions were paid in connection with the Private Placement.
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 its web site at: www.acadianmining.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Acadian Mining Corp.
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: (877) 444-7774
mail@acadianmining.com
Halifax, Nova Scotia