Aquila Resources shareholders overwhelmingly approve acquisition by Gold Resource Corporation

TORONTO / November 17, 2021 / Business Wire / Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquilas“or the”Society“) is pleased to announce that at the extraordinary meeting of shareholders of the Company (the”Meeting“) held earlier today, an overwhelming majority of Aquila shareholders voted in favor of the special resolution (the”Arrangement resolution”) Approving the previously announced plan of arrangement under which Gold resource company (“RCMP“) (NYSE American: GORO) will acquire all of the issued and outstanding common shares (“Actions“) of the Company (the”Transaction“).

The Transaction required the approval of (i) 66⅔ percent of votes cast by Aquila shareholders and (ii) a simple majority of votes cast by minority shareholders (excluding shareholders whose votes must be excluded in accordance with Multilateral Instrument 61 – 101).

Shareholders holding a total of 208,546,503 shares (60.701% of the issued and outstanding shares on the date of the meeting) were represented in person or by proxy at the meeting. Of the votes cast at the Meeting, 98.884% were in favor of the Arrangement Resolution (98.864% after excluding votes cast by shareholders whose votes must be excluded under Multilateral Instrument 61 – 101).

Barry Hildred, Executive Chairman of Aquila, said: “I would like to thank the shareholders of Aquila for their strong support of the company over the years. We look forward to completing the transaction as soon as possible and are delighted to open a new chapter as a multi-jurisdictional and diversified producer of precious and base metals with an attractive growth profile.

The closing of the transaction remains subject to certain closing conditions, including the approval of the Ontario Superior Court of Justice (commercial list). Subject to the satisfaction or waiver of the remaining closing conditions, the closing of the Transaction is expected to take place in the coming weeks.

Further information regarding the transaction is available in the Company’s Management Information Circular dated October 18, 2021, a copy of which can be found under the Company’s profile on SEDAR at .


Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development stage company focused on high grade polymetallic projects in the Upper Midwest, United States. Aquila’s experienced management team is currently advancing pre-construction activities at its flagship 100% gold and zinc rich Back Forty project in Michigan.

The Back Forty Project is a volcanogenic massive sulphide deposit with open pit and underground potential located along the mineral-rich Penokean volcanic belt in Michigan’s Upper Peninsula. Back Forty contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc in the Measured and Indicated Mineral Resource classifications, with additional exploration potential. An optimized feasibility study for the project is underway.

Additional information about Aquila’s financial statements, technical reports, material change reports, press releases and other information can be obtained at or on SEDAR at www

Caution regarding forward-looking information

This press release may contain certain forward-looking statements. In some cases, forward-looking statements may 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”, “could” or “would be taken”, “occur” or “be achieved”. In particular, this press release contains forward-looking information regarding the following: statements regarding the Transaction; the timing of key stages of the transaction and closing; and the ability of GRC and Aquila to meet the conditions and complete the Transaction. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond Aquila’s ability to control or predict, which may cause actual results, performance or achievements to differ materially from those expressed or implied. . thus, and are developed on the basis of assumptions regarding those risks, uncertainties and other factors set forth herein, including, but not limited to: the satisfaction of the conditions precedent to the closing of the Transaction (including the obtaining all legal and regulatory authorizations); risks associated with the Transaction and acquisitions in general; the Arrangement Agreement may be terminated in certain circumstances; Aquila will incur costs even if the Transaction is not completed; all necessary approvals and consents may not be obtained; uncertainty regarding the ability of the parties to achieve all milestones in the Transaction on schedule; the risks inherent in mining exploration, development and production operations; economic factors affecting the Company and / or GRC; the integration of the activities of the Company and of GRC; political conditions and regulatory environment in the United States and Mexico; and the scope, duration and impact of the COVID-19 pandemic on Society and the RCMP as well as the scope, duration and impact of government action to mitigate the pandemic; and other related risks and uncertainties, including, but not limited to, the risks and uncertainties disclosed in documents filed by Aquila on its website at and on SEDAR at Aquila does not undertake to update forward-looking information, except as required by applicable law. This 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 significantly. Therefore, readers are advised not to place undue reliance on forward-looking statements or information. In addition, mineral resources that are not mineral reserves have not demonstrated their economic viability.

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