Igneous Capital Limited

February 06, 2012 09:42 ET

Proposed Acquisition of Shares of Acadian Mining Ventures Inc.

NEWPORT PAGNELL, UNITED KINGDOM--(Marketwire - Feb. 6, 2012) - This press release is issued by Igneous Capital Limited ("Igneous"), an entity controlled by Graham Edwards ("Edwards"), pursuant to the early warning requirements of National Instrument 62-103 with respect to common shares ("Common Shares") of Acadian Mining Corporation ("Acadian"), a reporting issuer in certain jurisdictions in Canada. In accordance with such early warning requirements, Igneous is required to report certain information in respect of its holdings of securities of Acadian. As of the date hereof, the outstanding share capital of Acadian consists of Common Shares only.

Igneous announced today that it has entered into an agreement with Golden River Resources Corporation ("Golden River"), to purchase 10,783,145 common shares ("Common Shares") of Acadian from Golden River, at a purchase price of C$0.15 per share (the "Transfer"), pursuant to a share purchase agreement. The securities represent ownership and control of approximately 19.9% of the issued and outstanding Common Shares as at the date hereof. The only Common Shares over which Edwards will have control or direction following the Transfer will be those held through Igneous. The Transfer is anticipated to be completed on or before February 7, 2012.

In connection with the acquisition, one director of Acadian is anticipated to resign as a director of Acadian to be replaced by William Bush, a non-executive director of Igneous. Further information on William Bush will be provided by Acadian.

Igneous was established in 2011 to invest primarily in gold mining assets and gold exploration globally. This will be the first acquisition by Igneous and will be effected for investment purposes. Igneous will evaluate its investment in Acadian from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings in Acadian as circumstances require. For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to the Acadian profile on the SEDAR website www.sedar.com.

Note: Disclosure regarding the percentage of outstanding Common Shares held by Igneous and Acadian's outstanding share capital is based on information provided by Acadian.

Contact Information

  • Igneous Capital Limited
    William Bush
    willbush@live.co.uk

    Igneous Capital Limited
    Sherington House
    Park Road
    Sherington
    Newport Pagnell
    Mk16 9PF, United Kingdom