WHATEVER,,,,,,,,,,,,,,,,HALIFAX, Oct 4, 2010 (Canada NewsWire via COMTEX News Network) --
Trading Symbol: ADA:TSX Shares Outstanding: 541,572,541
AcadianMining Corporation (the "Corporation") (TSX: ADA) announces thatat a special meeting of shareholders scheduled for November 10,2010 (the "Meeting"), shareholders will be asked to consider aspecial resolution to approve a consolidation of the Company'scommon shares on the basis of one (1) post-consolidation share forup to every ten (10) pre-consolidation shares ("Consolidation").If the resolution is approved by two-thirds of the shareholders votingin person or by proxy at the Meeting, the directors will have thesole discretion to select the final Consolidation ratio (up to nogreater than 10:1) and to implement the Consolidation, subject tothe approval of the Toronto Stock Exchange.
The Corporationcurrently has 541,572,541 issued and outstanding common shares.In the event that the Consolidation is conducted on a 10 for 1basis, the Corporation would have approximately 54,157,254 sharesoutstanding following the Consolidation. However, the exact number ofpost-Consolidation shares will vary depending upon the treatment offractions which will occur when each shareholder's holdings areconsolidated. In the event the Consolidation would otherwise resultin the issuance of a fractional share, no fractional share will beissued and such fraction will be rounded down to the nearestwhole number. Outstanding stock options will similarly beadjusted by the Consolidation ratio. Golden River ResourcesCorporation, which holds approximately 71.5% of the Corporation'sissued and outstanding shares, has indicated that it intends tovote in favour of the resolution.
Management of the Corporationbelieves that further equity financing is required in order forthe Corporation to fund its operating and working capitalrequirements. It is management's opinion that the Corporation'sexisting issued and outstanding share capital is not conducive tocompleting such additional equity financing, and that the Consolidationis required in order to facilitate attracting new equityinvestment in the Corporation. In addition, management believesthat the Consolidation will make investing in the shares of theCorporation more attractive to a broader range of institutionaland professional investors and other members of the investingpublic. The Corporation will not be changing its name or itstrading symbol in conjunction with the Consolidation.
Detailsof the Consolidation are contained in the Corporation'sinformation circular to be mailed to the Corporation's shareholders onor about October 13, 2010, and filed on the SEDAR website(www.sedar.com) under the Company's profile.