UPDATE 1-Acadian Mining sells stake to Golden River at discount

* Golden River stake in Acadian to go up to 71.5 pct

* Shares fall 11 pct

July 8 (BestGrowthStock) – Canada’s Acadian Mining Corp (ADA.TO: )
said it would sell additional shares to its majority
stakeholder, Golden River Resources, at a discount, sending its
shares down as much as 11 percent.

The gold miner said it would offer Golden River about 49.2
million shares at 3 Canadian cents a share, a discount of about
33 percent to the stock’s Wednesday closing.

After the offering, Golden River Corp’s stake in Acadian
will go up to about 71.5 percent from 68.8 percent.

The offering would raise about C$1.5 million ($1.43
million), which would be used to fund the gold exploration
program at its Fifteen Miles Stream mine in Nova Scotia,
Acadian said.

Shares of the company were trading down about 11 percent at
4 Canadian cents Thursday morning on the Toronto Stock
Exchange.
($1=1.047 Canadian Dollar)
(Reporting by Arnika Thakur in Bangalore; Editing by Don
Sebastian)

UPDATE 1-Acadian Mining sells stake to Golden River at discount