By Devika Patel
Knoxville, Tenn., July 15 - Acadian Mining Corp. said it took in C$1.6 million in a C$10 million private placement of stock, bringing the total amount raised so far to C$4 million.
The deal priced March 17, and the company settled a C$1 million tranche on June 1 and raised C$1.4 million on July 9.
The company is selling 338,111,334 common shares to Golden River Resources Corp. It sold 38,111,334 shares on June 1 and 46,666,166 shares on July 9. In the latest tranche, it sold 53,352,120 shares.
The remaining C$6 million of the placement will close by March 2010.
Proceeds will be used for operational overhead, advancement of gold properties and debt repayment.
Acadian is a Halifax, N.S.-based mining company that 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: | June 1 (for C$1 million), July 9 (for C$1.4 million), July 15 (for C$1.6 million)
|
| Stock symbol: | Toronto: ADA
|
| Stock price: | C$0.02 at close March 16
|
| Market capitalization: | C$10.5 million
|
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