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Acadian Mining Corp Completes $900,000 Private Placement-Canada Stockwatch News


Thursday, 7 Mar 2013 12:56pm EST 

Canada Stockwatch News reported that Acadian Mining Corp. has closed the non-brokered $900,000 private placement announced on February 28, 2013. Pursuant to the private placement, Acadian issued 10 million shares at a price of nine cents 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 four million 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 finders' fees or commissions were paid in connection with the private placement. 

Company Quote

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10 Oct 2013