Shares Outstanding: 271,539,638
TORONTO, May 23, 2017 /CNW/ - Aquila Resources
Inc. (TSX: AQA) ("Aquila"), a permitting-stage
company advancing the zinc- and gold-rich Back Forty Project
in Michigan's Upper Peninsula, today announced voting
results for the election of directors at its Annual and Special
Meeting of Shareholders (the "Meeting") held today,
May 23, 2017, in Toronto.
A total of 140,619,174 common shares representing 51% of all of
the Company's issued and outstanding shares were voted in
connection with the Meeting. Shareholders approved all items
of business before the Meeting, including the election of Directors
as follows:
Nominees
|
Votes in
Favour
|
%
|
Votes
Withheld
|
%
|
Edward J. Munden
(Chair of the Board)
|
98,600,105
|
99.72%
|
278,304
|
0.28%
|
Peter M. D.
Bradshaw
|
97,391,777
|
98.50%
|
1,486,632
|
1.50%
|
Stephen
Fabian
|
97,396,777
|
98.50%
|
1,481,632
|
1.50%
|
Barry
Hildred
|
98,700,105
|
99.82%
|
178,304
|
0.18%
|
Kevin
Drover
|
97,391,777
|
98.50%
|
1,486,632
|
1.50%
|
Andrew W.
Dunn
|
97,391,777
|
98.50%
|
1,486,632
|
1.50%
|
Ian
Pritchard
|
97,480,777
|
98.59%
|
1,397,632
|
1.41%
|
About Aquila Resources
Aquila Resources Inc. (TSX:
AQA) is a permitting-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's Upper 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
million after-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.