AQUILA RESOURCES ENTERS INTO ARRANGEMENT AGREEMENT WITH GOLD RESOURCE CORPORATION


Post

Highlights-
Aquila Resources, Inc. has entered into a definitive arrangement agreement with Gold Resource Corporation (GORO): 
Provision for the acquisition by GORO of all the issued and outstanding common shares of Aquila; and
Upon closing of the Transaction, the existing GORO and Aquila shareholders will own approximately 85.1% and 14.9%, respectively, of the combined company on a fully diluted basis.

Read More

AQUILA RESOURCES ANNOUNCES CLOSING OF BEND AND REEF PROPERTY SALE


Post

Highlights-
Sale of Bend and Reef properties for a total consideration of $7,000,000 CAD:
Upfront cash consideration of $2.1 million, $1 million was advanced as a deposit in June 2021 and the remaining $1.1 million was paid at closing; and
A non-interest bearing promissory note of GL in the principal amount of $4.9 million shall become due and payable by GL on the earlier of: (i) December 31, 2022 or (ii) immediately prior to the completion of an initial public offering or other transaction that results in the shares of GL (or of a successor entity) being listed on a stock exchange as freely tradeable securities.

Read More

AQUILA RESOURCES TO BE ACQUIRED BY GOLD RESOURCE CORPORATION TO FORM DIVERSIFIED NORTH AMERICAN PRECIOUS AND BASE METALS PRODUCER


Post

Highlights -
Total consideration of $7,000,000 payable to Aquila will consist of:
Cash consideration of $3,000,000, of which $1,000,000 will be advanced immediately as a deposit (the “Deposit”); and
Shares in Newco with an estimated value on completion of the go-public transaction of $4,000,000.

Read More

AQUILA RESOURCES ANNOUNCES LETTER OF INTENT FOR SALE OF ITS BEND AND REEF PROPERTIES


Post

Highlights -
Total consideration of $7,000,000 payable to Aquila will consist of:
Cash consideration of $3,000,000, of which $1,000,000 will be advanced immediately as a deposit (the “Deposit”); and
Shares in Newco with an estimated value on completion of the go-public transaction of $4,000,000.

Read More

AQUILA RESOURCES – BACK FORTY UPDATE


Post

Highlights -
Key objectives of optimized Feasibility Study identified
Not proceeding with appeal of the January 2021 Administrative Law Judge denial of prior issuance of Wetlands Permit
Not proceeding with the contested case of the amended Mining Permit
Withdrawal of the Dam Safety Permit application
The company is maintaining its Air Permit and NPDES Permit

Read More

MICHIGAN STATE SENATE ADOPTS SR 16 – SUPPORT FOR MINING


Post

Through bipartisan support and an unanimous vote, SR 16 was adopted by the Michigan Senate on April 28, 2021. The resolution to expresses support for mining and the mining industry and encourages the Governor, state agencies, local governments, members of the public, and labor organizations to support mining by taking certain actions.

Read More

AQUILA RESOURCES PROVIDES CORPORATE UPDATE


Post

Highlights -
Appealed the Judge’s Wetlands Permit decision to the EGLE permit review panel
Received an outpouring of local support from senior leadership in Michigan
Will continue to work with EGLE to finalize the Back Forty groundwater model in support of a revised application seeking a reissuance of the Wetlands Permit
Will undertake optimization studies to assess Project opportunities
Evaluating financing alternatives with support from key stakeholders

Read More

AQUILA RESOURCES ANNOUNCES ORGANIZATIONAL CHANGES


Post

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquila” or the “Company”) is pleased to announce the appointment of Guy Le Bel as President & CEO of Aquila, effective February 1, 2021. Barry Hildred will transition to the role of Executive Chair of the Board of Directors. The Board has appointed Ted Munden, outgoing Chair of the Board of Directors, to the position of Lead Director.

Read More

AQUILA RESOURCES PROVIDES PERMITTING UPDATE


Post

TORONTO--(BUSINESS WIRE)--
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquila” or the “Company”) After years of environmental baseline work and a thorough review process including comment periods and public hearings, the Michigan Department of Environment, Great Lakes, and Energy (“EGLE”) issued the Back Forty Mine a Wetlands Permit in June, 2018. Unfortunately, our wetlands permit was overturned due to a decision we believe is a misunderstanding of the information concerning the potential for indirect wetlands impacts.

Barry Hildred, President & CEO of Aquila, commented, “Obviously, we are disappointed by the Judge’s decision. The Company is evaluating its alternatives, which include the submission of an updated permit application or appealing the decision to the EGLE environmental review panel. Aquila has worked diligently to limit impacts to surrounding wetlands and is only directly impacting 11.2 acres of regulated wetlands. Having reviewed the decision, we believe that Aquila will be able to resolve the cited issues and remain confident that Back Forty will be a safe, disciplined operation that promotes and supports local community socio-economic development and is protective of the environment.

Read More