Acadian gets extension on move to TSX Venture Exchange

A Halifax junior mining company is getting an extra three weeks to change stock exchanges.

Acadian Mining Corp. announced Wednesday that the Toronto Stock Exchange has extended the date for delisting the company’s common shares until Dec. 21.

That gives the company extra time to complete a planned move to the TSX Venture Exchange, which is still reviewing Acadian’s paperwork.

“I don’t think it’s out of the ordinary that it’s taken a little longer to complete the application review,” Grant Ewing, Acadian’s president and chief executive officer, said Thursday from Toronto.

“The TSX is working with us and has extended the date. Our goal is to get seamless trading from one exchange to the other.”

Acadian announced last month that it was changing exchanges after the TSX notified it that the stock would be delisted because its public float isn’t big enough.

The TSX was going to drop Acadian’s stock at the end of trading Thursday and the company planned to be listed on the venture exchange, where many junior mining firms appear, starting Friday.

According to TSX rules, a stock may be delisted if the market value of the company’s publicly held shares falls below $2 million over 30 consecutive trading days.

Acadian is unique in that two companies, Golden River Resources Corp. of Australia and Igneous Capital Ltd., hold 52 per cent of its shares.

Because each holding is greater than 10 per cent, they aren’t considered part of the company’s public float.
Golden River owns 32 per cent of shares, while Igneous holds a 20 per cent stake.

Acadian’s five gold holdings include Fifteen Mile Stream and Beaver Dam, a pair of Eastern Shore projects being explored and developed.

Acadian was trading for 8 1/2 cents a share Thursday afternoon, unchanged from its previous close.

Source: http://thechronicleherald.ca