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Thursday, 6th April 2006 (7676 views)

Acadian Gold has unveiled an increase in the financing first announced on March 30th, from CDN$10 million ($8.6 million) to CDN$12.7 million ($11 million).

Northern Securities and Canaccord Adams have agreed to act as underwriters on a private placement basis to raise a further CDN$2.7 million in the form of two million equity units and 2.6 million flow-through shares.

This is further to a deal announced last week under which Northern Securities and Canaccord Adams agreed to buy assets for total proceeds of CDN$10 million.

Acadian Gold will pay the underwriters a commission of eight per cent of aggregate gross proceeds.

The company will use the money to complete the acquisition of shares in ScoZinc, as well as for general exploration and corporate purposes. ScoZinc's Scotia Mill is located close to Acadian Gold's existing gold properties.

Acadian Gold is a Canadian exploration company with properties in Nova Scotia.

 

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