HALIFAX, July 9 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") is pleased to announce that it has completed the initial closing ("Initial Closing") of the second tranche of the private placement ("Second Tranche") of common shares ("Shares") to Golden River Resources Corporation ("Golden River") announced on March 17, 2009. On the Initial Closing, Acadian issued 46,166,666 Shares for aggregate gross proceeds of approximately $1.4 million.
With the Initial Closing, Golden River has irrevocably committed to complete the entire Second Tranche, consisting of an aggregate of 300,000,000 shares at $0.03 per share for aggregate proceeds of $9 million. Additional closings 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 and the advancement of Acadian's gold properties in accordance with an agreed upon budget. The Second Tranche was subject to the approval of Acadian's shareholders and to the satisfaction of certain other conditions. Acadian's shareholders gave their approval at the Company's annual and special meeting held on June 9, 2009. See news release 12-09 dated June 10, 2009 for further details.
As a condition of the Initial Closing, Acadian acquired the remaining 50% interest in its Fifteen Mile Stream property and also acquired certain lands required for the mining of the Forest Hill deposit. See news releases 03-09 and 06-09 dated March 17 and April 3, 2009, respectively, and the Company's management information circular dated May 7, 2009 for further details.
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