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Aquila Resources Inc
Symbol AQA
Shares Issued 338,284,556
Close 2019-06-27 C$ 0.18
Market Cap C$ 60,891,220
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Aquila investor Orion acquires 49.65 M shares

2019-06-28 10:22 ET - News Release

An anonymous director reports

AQUILA RESOURCES ANNOUNCES THAT ORION HAS INCREASED ITS OWNERSHIP INTEREST IN THE COMPANY

Aquila Resources Inc.'s two largest shareholders, Orion Mine Finance (and its affiliated funds) and Osisko Gold Royalties Ltd., have completed a transaction whereby Orion purchased from Osisko all 49,651,857 common shares of the company owned by Osisko. The transaction is a small component of the share repurchase and secondary offering transaction first announced by Osisko on June 25, 2019. Orion now owns 97,030,609 common shares of Aquila, representing approximately 28.7 per cent of the outstanding common shares.

Osisko remains a significant financial partner to Aquila as the holder of gold and silver streams on the company's Back Forty project in Michigan, as well as 12,293,269 common share purchase warrants that are exercisable until May 10, 2020, at a price of 34 cents. Under its gold streaming agreement with the company, Osisko remains committed to financing an additional $40-million (U.S.) in staged payments to continue the development of the Back Forty project.

Sean Roosen, chair and chief executive officer of Osisko, stated: "We have been and continue to be strong supporters of the Back Forty project and the Aquila board and management team. The Back Forty project will be a significant contributor to Osisko's near-term growth and, therefore, we remain committed to making Back Forty an investment priority for Osisko for many years to come."

About Aquila Resources Inc.

Aquila is a development-stage company with strategic assets in the Great Lakes region. The company's experienced management team is focused on advancing preconstruction activities for its 100-per-cent-owned zinc-rich and gold-rich Back Forty project in Michigan.

Aquila's flagship Back Forty project is an open-pit volcanogenic massive sulphide deposit, with underground potential located along the mineral-rich Penokean volcanic belt in Michigan's Upper Peninsula.

The company has two other exploration projects: Reef gold project, located in Marathon county, Wisconsin; and the Bend project, located in Taylor county, Wisconsin.

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