VICTORIA, Australia, June 8, 2012 /CNW/ - Golden River Resources
Corporation ("Golden River") announced today that it has acquired ownership pursuant to a private
placement of an unsecured convertible debenture ("Debenture") of Acadian Mining Corporation ("Acadian"). The Debenture is to be in the principal amount of up to $420,000
when and if all advances are made thereunder, $140,000 having been
advanced on June 6, 2012 and the remaining principal amount expected to
be advanced in two equal installments within the two months following
closing. The Debenture is convertible into common shares of Acadian ("Common Shares") at the option of Golden River at a price of $0.12 per Common Share at
any time within 12 months from the date of issuance of the Debenture.
Assuming that the full principal amount is advanced pursuant to the
Debenture, the Debenture represents 3,500,000 Common Shares, or
approximately 6.07% of all issued and outstanding Common Shares as of
today's date, calculated on a partially diluted basis assuming
conversion of the Debenture only.
Golden River holds an aggregate of 28,210,875 Common Shares,
representing approximately 52.06% of the outstanding Common Shares. In
the event that the Debenture is fully converted, Golden River will hold
a total of 31,710,875 Common Shares, or approximately 54.97% of all
issued and outstanding Common Shares as of today's date, calculated on
a partially diluted basis assuming conversion of the Debenture only.
Golden River acquired the Debenture as an investment and to provide
working capital to Acadian for general corporate purposes. Golden River
may from time to time increase or decrease its ownership of securities
of Acadian, but has no present intention of doing so.
Further details may be obtained from the Early Warning Report filed on
SEDAR by Golden River under Acadian's profile or by contacting Peter
Lee, Director, Chief Financial Officer and Secretary of Golden River,
at +61 3 8532 2860.