Acadia buys Guinness

Under the terms of the agreement, Acadia will transfer its interest in several claims in New Brunswick and Nova Scotia to Guinness in return for treasury shares. Acadia will also retain the right to back-in, upon completion of a feasibility study, for a 40% interest in these properties by paying an amount equal to twice the exploration expenditures incurred by Guinness less Acadia’s expenditures prior to the transfer.

All the properties are at the peliminary exploration stage. Acadia has also agreed to provide Guinness with up to $100,000 in working capital. Guinness is also arranging flow-through share financing in order to fund exploration of the properties this year.

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