Aquila Resources Inc.

Published : June 01st, 2016

Orion Mine Finance increases ownership stake in Aquila Resources through exercise of warrants

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Keywords :   Georgia | Gold | Silver | Tax | Zinc |

Orion Mine Finance increases ownership stake in Aquila Resources through exercise of warrants

-Warrant exercise results in US$2.56 millionin proceeds for Aquila-

- Companies agree to amend silver stream agreement -

Shares Outstanding: 220,960,374

TORONTO, June 1, 2016/CNW/ - Aquila Resources Inc. (TSX: AQA) ('Aquila'), a development-stage company advancing the gold- and zinc-rich Back Forty Project in Michigan'sUpper Peninsula, announced today that Orion Mine Finance ('Orion') has exercised 13,461,539 warrants exercisable at US$0.19 per Aquila common share, representing US$2,557,692in gross proceeds to the Company. After giving effect to the transaction, Aquila now has 234,421,913 shares outstanding of which Orion owns 44,412,616 shares or 18.9%.

Aquila also announced that it has agreed to amend its silver stream agreement with Orion. The parties have agreed to reduce the amount of the deposit payable by Orion under the silver stream agreement by US$625,000. To date, Aquila has received US$12,350,000in deposit payments under the silver stream agreement, leaving the total amount outstanding, after giving effect to the amendment, to $4,275,000.

As previously disclosed, Aquila and Orion close a multi-level financing arrangement on March 31, 2015that included a private placement and silver purchase agreement for total funding of US$20.75 million.

Aquila will use the proceeds raised through the warrant exercise to fund working capital requirements as it completes its feasibility study and permitting activities at its Back Forty Project with the Michigan Department of Environmental Quality.

About Aquila Resources
Aquila Resources Inc. (TSX: AQA) is a development-stage company with strategic assets in the Great Lakes Region. The company's experienced management team is currently focused on advancing permitting activities for its 100%-owned gold- and zinc-rich Back Forty Project in Michigan.

Aquila's flagship Back Forty Project is a volcanogenic massive sulfide (VMS) deposit located along the mineral-rich Penokean Volcanic Belt in Michigan'sUpper Peninsula. In its updated Preliminary Economic Assessment filed in September 2014, Back Forty demonstrated strong economics with a pre-tax NPV of $282 million($210.8 millionafter-tax) and a pre-tax IRR of 38.8% (32% after-tax) based on mining 16.1M tonnes of measured, indicated, and inferred resources over the 16-year life of mine, of which 12.5M tonne will be open-pit and 3.6M tonnes will be underground.

This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statement with respect to: (i) the economic analysis contained in the PEA; (ii) the development plan of the PEA and results thereof; (iii) capital expenditure programs; (iv) the quality or quantity of the mineral resources subject to estimates by Aquila; and (v) work plans to be conducted by Aquila.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.

SOURCE Aquila Resources Inc.

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Aquila Resources Inc.

ISIN : CA03841G1019
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Aquila Resources Inc. is a zinc and lead exploration company based in Canada.

Aquila Resources Inc. holds various exploration projects in USA.

Its main exploration properties are BACK FORTY and MICHIGAN GOLD in USA.

Aquila Resources Inc. is listed in Canada. Its market capitalisation is CA$ 23.1 millions as of today (US$ 18.0 millions, € 15.9 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.74, and its lowest recent point on November 21, 2008 at CA$ 0.05.

Aquila Resources Inc. has 271 540 000 shares outstanding.

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Financings of Aquila Resources Inc.
9/22/2014announces closing of oversubscribed non-brokered private pla...
8/18/2014announces non-brokered private placement
5/22/2013Closes $519,000 Financing
12/21/2011Completes Corporate Financing
10/14/2011Announces Corporate Financing
2/16/2011and HudBay Commence Exploration Under Strategic Alliance-Hud...
Financials of Aquila Resources Inc.
8/15/2013files Q2 2013 financial statements and provides corporate up...
Project news of Aquila Resources Inc.
7/3/2012(Back Forty)Advised of Decision to Suspend Activities at Back Forty Proj...
5/24/2012(Back Forty)Announces Plans for New Resource Estimate at Back Forty Inco...
3/21/2012(Back Forty)Enters Into Operating Agreement with HudBay Minerals for Bac...
6/27/2011(Back Forty)Announces Updates on Back Forty and Aquila Gold Projects
4/19/2011(Back Forty)Update On Back Forty Project
Corporate news of Aquila Resources Inc.
6/23/2016Aquila Resources announces election results for its 2016 Ann...
6/13/2016Aquila provides Back Forty permit status update
6/1/2016Orion Mine Finance increases ownership stake in Aquila Resou...
5/12/2016Aquila Resources Files Q1 2016 Results and Provides Corporat...
4/11/2016Aquila Improves Gold and Zinc Metal Recoveries at its Back F...
3/30/2016Aquila Resources Files 2015 Financial Results and Provides C...
1/20/2016Aquila Resources strengthens management with appointment of ...
12/15/2015Aquila Resources announces board changes
11/26/2015Michigan Department of Environmental Quality Determines Aqui...
8/14/2015Aquila Resources Files Q2 2015 Financial Results and Provide...
6/30/2015Aquila Resources Strengthens Management Team
6/29/2015Aquila Resources Announces Election Results for its 2015 Ann...
6/29/2015Aquila Resources Announces Grant of 1.4 Million Options
6/26/2015Aquila Resources Announces Grant of 1.4 Million Options
6/25/2015Aquila Resources Announces Election Results for its 2015 Ann...
6/22/2015Aquila Resources Strengthens Management Team
4/7/2015announces grant of 3.95 million options
4/7/2015Aquila Resources announces grant of 3.95 million options
4/1/2015Aquila Resources Closes Previously Announced Financing Trans...
3/31/2015Aquila Resources Files 2014 Year-End Financial Results and P...
1/27/2015Aquila Resources Announces Proposed Financing Transaction wi...
1/27/2015IIROC Trade Resumption - AQA
1/27/2015Aquila Resources announces proposed financing transaction wi...
1/26/2015IIROC Trading Halt - AQA
11/13/2014Aquila Resources Announces Filing of Third Quarter 2014 Fina...
9/22/2014Aquila Resources announces closing of oversubscribed non-bro...
9/8/2014Aquila Resources Announces Filing of Technical Report
8/18/2014Aquila Resources announces non-brokered private placement
8/12/2014Aquila Resources Files Q2 2014 Results
8/12/2014Files Q2 2014 Results
7/23/2014Aquila Resources Announces Results from New Preliminary Econ...
7/23/2014(Back Forty)Announces Results from New Preliminary Economic Assessment f...
6/27/2014Aquila Resources announces voting results of its annual meet...
5/15/2014Aquila Resources Files Q1 2014 Results
4/1/2014Aquila Resources Files 2013 Year-End Financial Results and P...
2/27/2014(AQA.T) Has Moved!
1/7/2014and REBgold Corporation announce final court approval of pla...
12/30/2013and REBgold Corporation announce results of special sharehol...
12/5/2013and REBgold Corporation Announce Special Shareholder Meeting...
6/26/2013Announces Election of Directors, Grants Options and Closes S...
6/26/2013Announces Election of Directors, Grants Options and Closes S...
4/1/2013Announces Planned Private Placement; Files 2012 Year-End Fin...
3/18/2013Retains New CEO
2/4/2013(Back Forty)Announces Updated Mineral Resource Estimate for Back Forty
8/2/2012Drills 71.68 Meters of 1.68 Grams Per Tonne Gold Including 2...
7/9/2012Drills 65 Meters of 2.80 g/t Gold Including 8.88 Meters of 1...
6/11/2012Intersects Additional Gold Mineralization at Bend Copper-Gol...
5/8/2012Identifies Significant New Gold Mineralization at Reef Gold ...
4/26/2012(Back Forty)Announces Positive Results of Back Forty Preliminary Economi...
2/27/2012Announces Acquisition of Five Mile Lake Zinc Project
2/16/2012Alliance Exploration Budget Set At US$4.2 Million; Five Dril...
1/25/2012Drills 10.37 Grams Per Tonne Gold Over 4.48 Meters at Penins...
12/6/2011Acquires the Bend Copper-Gold Deposit
9/29/2011s Progress at Reef Gold Project Including 9.26 Meters of 21....
9/22/2011and HudBay Report 7.60 Meters of 7.33 Grams Per Tonne Gold a...
8/8/2011Drilling at U.S. Gold Projects
6/6/2011to Commence Trading on OTCQX
3/3/2011(Back Forty)Intercept Hits 12 Meters of 15.26 Grams Per Tonne Gold at Ba...
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