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LionGold Corp Ltd Announces Proposed Plan Of Arrangement To Acquire Acadian Mining Corporation


Monday, 29 Jul 2013 08:14am EDT 

LionGold Corp Ltd announced that it has on July 29, 2013 entered into an agreement (Arrangement Agreement) with Acadian Mining Corporation (ADA) to acquire all the issued and outstanding common shares of ADA (other than the ADA Shares it currently owns) (ADA Shares) by way of a statutory Plan of Arrangement under the Canada Business Corporations Act (Proposed Arrangement). Under the Proposed Arrangement, shareholders of ADA will receive CAD0.12 in cash for each common share of ADA, representing a premium of approximately 21.2% to the 20-day volume weighted average price of the ADA Shares on the TSX Venture Exchange for the 20 trading days prior to the signing of the Arrangement Agreement. The consideration for the ADA Shares is up to a maximum of CAD7.40 million (approximately SGD9.10 million based on an exchange rate of CAD1.00 to SGD1.23) and includes existing convertible notes of CAD420,000 which may be converted into 3,500,000 ADA Shares at a conversion price of CAD0.12 and acquired by LionGold pursuant to the Proposed Arrangement or to be fully repaid upon completion of the Proposed Arrangement. As at the date of the Arrangement Agreement, the Company owns 6,000,000 ADA Shares, or approximately 8.73% of the issued and outstanding ADA Shares on a fully diluted basis. Following completion of the Proposed Arrangement, LionGold will own all the issued and outstanding ADA Shares. 

Company Quote

0.081
0.0010 +1.25%
10 Jul 2014