TORONTO, Jan. 7, 2014 /CNW/ - Aquila Resources
Inc. (TSX: AQA) (OTCQX: AQARF FKT: JM4A) ("Aquila")
and REBgold Corporation (TSX.V: RBG) ("REBgold") are pleased
to announce that REBgold has received a final order from the
Ontario Superior Court of Justice approving the previously
announced statutory plan of arrangement under section 192 of
Canada Business Corporations Act (the "Arrangement")
involving REBgold, Aquila and shareholders and optionholders of
REBgold. Pursuant to the Arrangement, Aquila will acquire all
of the issued and outstanding common shares of REBgold in exchange
for common shares of Aquila on the basis of one common share of
Aquila for each common share of REBgold. As previously
announced, the Arrangement also received the approval of a
requisite majority of holders of common shares of REBgold, at a
duly constituted special meeting of shareholders held on
December 30, 2013. Full details of
the Arrangement are described in the joint information circular
dated December 2, 2013 which was
mailed to all shareholders of Aquila and REBgold.
Aquila and REBgold expect that the Arrangement,
as well as the related acquisition by Aquila of all of the issued
and outstanding shares of HudBay Michigan Inc. from HudBay Minerals
Inc. will be completed on or about January
15, 2014. The transactions are conditional upon, among other
things, completion of REBgold's non-brokered private placement of
common shares for gross proceeds of between $4 million and $6 million at a price of
$0.13 per share. Baker Steel, on
behalf of investment funds managed or controlled by it, has agreed
to subscribe for $4.5 million of the
common shares offered pursuant to the private placement.
The Toronto Stock Exchange neither approves
nor disapproves the information contained in this News
Release. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains certain forward-looking
statements. 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". Forward-looking statements and information include, but
are not limited to, statements with respect to the transactions
contemplated by this press release and the receipt of the requisite
regulatory in respect thereof. Forward-looking statements and
information are subject to various known and unknown risks and
uncertainties, many of which are beyond the ability of Aquila and
REBgold 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, including but not limited to: risks and uncertainties
related to the transactions not being completed in the event that
the conditions precedent thereto are not satisfied and other
related risks and uncertainties. Neither Aquila nor REBgold
undertakes any obligation to update forward-looking information
except as required by applicable law. Such forward-looking
information represents Aquila's and REBgold'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.