By Devika Patel
Knoxville, Tenn., March 17 - Acadian Mining Corp. said it plans to conduct a C$10 million private placement of stock.
The company will sell 338,111,334 common shares to Golden River Resources Corp.
The deal will close in two or more tranches. The closing of the first tranche, for C$1 million, or 38,111,334 shares, is expected to occur on April 10.
Proceeds will be used for operational overheads, advancement of gold properties and debt repayment.
Acadian is a Halifax, N.S.-based mining company which operates a zinc-lead mine at Gays River, N.S., and is exploring and developing gold, zinc-lead and barite properties in Atlantic Canada.
| Issuer: | Acadian Mining Corp.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 338,111,334
|
| Warrants: | No
|
| Investor: | Golden River Resources Corp.
|
| Pricing date: | March 17
|
| Settlement date: | April 10 (for C$1 million)
|
| Stock symbol: | Toronto: ADA
|
| Stock price: | C$0.02 at close March 16
|
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