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Aquila Resources to be acquired by Gold Resource Corporation

Upon closing of the transaction, the existing GRC and Aquila shareholders will own approximately 85.1% and 14.9%, respectively, of the combined company on a fully diluted basis.
 Photo courtesy: Aquila Resources Inc.
Photo courtesy: Aquila Resources Inc. (WLUC)
Published: Sep. 7, 2021 at 5:51 PM EDT
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STEPHENSON, Mich. (WLUC) - Aquila Resources announced Tuesday that the company plans to be acquired by Gold Resource Corporation (GRC).

Aquila Resources Inc. has entered into a binding letter agreement with GRC, setting out certain key terms of a proposed acquisition, of all the issued and outstanding common shares of Aquila by way of a plan of arrangement under the Business Corporations Act (Ontario).

Upon closing of the transaction, the existing GRC and Aquila shareholders will own approximately 85.1% and 14.9%, respectively, of the combined company on a fully diluted basis.

The entire letter sent to employees, shareholders and the public, from General Manager Dave Anderson, is below. A link to the full press release is below, as well.

Aquila owns and operates the Back Forty Mine in Menominee County, among other projects in the upper Midwest.

It is with great excitement that I share with you a development from earlier today. Our Board of Directors here at Aquila Resources Inc. unanimously voted to accept a letter of agreement with Gold Resource Corporation (GRC), whereby GRC will acquire all the issued and outstanding common shares of Aquila Resources, Inc.

GRC is a proven mining operator. Its Don David Mine in Mexico has been producing gold, silver, copper, lead and zinc successfully for over 10 years. GRC is also a US-based company with shares publicly traded on the New York Stock Exchange (symbol: GORO).

With that being said, Aquila shareholders will benefit through their continued ownership in the combined company and from the positive cash flow along with the financial support GRC brings to the table as a growth oriented, base and precious metal producer.

The complete transaction will transpire over the next few months. Our local team will continue to work in their current roles as we develop the Back Forty Mine.

Additional details are in the press release. If you have any questions, please call our office or email our information hotline: info@backfortymine.com

Best regards, Dave Anderson, General Manager

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