Shareholders of Acadia Mineral Ventures (TSE) have elected a new board of directors. Fewer than 19% of the eligible shares were voted. Recently elected at the company’s annual meeting at the National Club in Toronto are: Donald Smith, Lincoln Torrance, Stanley MacEachern, Meredyth Holt and Douglas Allen.
The company has significantly changed not only its structure, but its strategy as well, President Smith said.
In June, 1989, Acadia dealt all of its non-royalty-interest exploration properties in the Maritimes to Guinness Gold Resources (ASE) in return for a 60% interest in that company.
Then, four months later, the company sold its 3.5 million Guinness shares at about 18 cents per share back to Guinness in return for the right to back in for a 40% interest in its former properties. The market price of Guinness shares at the time was $2.40.
Acadia, 14.2% held by Richmond Gulf Resources (COATS), is seeking mining and non-mining activities to reduce the drain on its $1.8 million cash position.
Bruce Orsini is a director of Richmond Gulf.
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