Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 358,375,569
HALIFAX
,
Sept. 30
/CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") is pleased to announce that it has completed a fourth closing ("Fourth Closing") of the second tranche ("Second Tranche") of the private placement of common shares to
Golden River
Resources Corporation ("
Golden River
") first announced on
March 17, 2009
. On the Fourth Closing, Acadian issued 33,332,834 common shares for proceeds of approximately
$1 million
. To date, tranches totaling
$6 million
have been received representing an aggregate issuance of 204,795,287 common shares to
Golden River
.
Additional closings of the Second Tranche totalling approximately
$4.0
M will be held between now and no later than
March 2010
in order that proceeds can be advanced to the Company to fund operational overheads including repayment of indebtedness to
Royal Roads
Corp. and the advancement of Acadian's gold properties in accordance with an agreed upon budget.
About Acadian
-------------
Acadian is a
Halifax
, Nova Scotia,
Canada
based mining company with five advanced gold projects, all of which host National Instrument 43-101 compliant resources. The Company also owns a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently on care and maintenance. Acadian is actively exploring and developing its gold, zinc-lead, and barite properties in Atlantic
Canada
. Acadian holds a 29.18% interest in
Royal Roads
Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and Labrador with a current focus on the historic Buchans Camp.
Additional Information
----------------------
For additional information on Acadian's properties and activities, please visit our web site at www.acadianmining.com.
For further information: G. William Felderhof, President & CEO; Terry F. Coughlan, Vice President, (902) 444-7779, 1-877-444-7774, [email protected]
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