Trading Symbol: ADA: TSXV; ADAIF: OTCQX
HALIFAX,
March 7, 2013 /CNW/ - Acadian Mining
Corporation ("Acadian" or the "Company") 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.
SOURCE ACADIAN MINING CORPORATION