Kingswood buys Acadia shares

Toronto junior Kingswood Resources (ASE) will buy 12.2 million common shares (51%) of Acadia Mineral Ventures (TSE) from Hecla Mining (NYSE).

In exchange, Hecla will receive five million treasury shares of Kingswood (45%) and $350,000. Hecla will then hold a 4.5% interest in Acadia. Acadia has land in Quebec, the Northwest Territories, British Columbia, Nova Scotia and New Brunswick. In 1992, Kingswood entered into a 5-year agreement to explore further Acadia’s Contwoyto Lake gold and diamond property in the Northwest Territories.

The transfer has yet to be approved by regulators, directors and shareholders.