Tuesday, May 27, 2008

Annapolis Gold enters deal with Desjardins

Acadian Mining Corp. of Halifax announced Monday that Annapolis Gold Corp. has entered into an agreement with Desjardins Securities Inc. as lead agent for a private placement of up to $20 million.

Up to 20 million units of Annapolis Gold are part of this gold placement. Each gold unit was placed at $1 per unit. These units will be comprised of one common share of Annapolis Gold and one half of a common share purchase warrant of Annapolis Gold. Each whole warrant will give the holder the right to subscribe for a common share at $1.20 as long as it is purchased within 18 months of the offering's closing.

A new company, Annapolis Gold is the company by which Acadian plans to spin out it's gold assets in Nova Scotia. Acadian, which also runs a zinc-lead mine in Gays River and also has mineral interests in Newfoundland and Labrador, plans to use a statutory arrangement plan to execute the gold spin out. For every four common shares of Annapolis Gold the shareholders of Acadian hold on the distribution date, they will be given an additional one common share of Annapolis Gold.

Proceeds from the offering, which is expected to close on June 27, will be used in the development of four advanced gold properties. The properties located in eastern Nova Scotia will be used for general corporate needs.

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