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Gold Resource Corporation (NYSE American: GORO) has successfully completed its acquisition of Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) through a statutory plan of arrangement. The acquisition was approved on November 17, 2021, and entails the exchange of 0.0399 GRC shares for each Aquila share, totaling approximately C$30.9 million. Former Aquila shareholders will receive further information for share transfers, while Aquila is expected to be delisted from the TSX soon. This acquisition supports GRC's strategy to develop the Back Forty Project in Michigan.
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) has received final court approval for its acquisition by Gold Resource Corporation. The transaction, pending certain conditions, is expected to close in the coming weeks, after which Aquila will be delisted from the Toronto Stock Exchange and cease being a reporting issuer. The acquisition aligns with Aquila's focus on high-grade polymetallic projects, particularly the gold and zinc-rich Back Forty Project in Michigan, estimated to contain 1.1 million ounces of gold and 1.2 billion pounds of zinc.
Aquila Resources Inc. (AQARF) announced that its shareholders overwhelmingly approved the Arrangement Resolution for the acquisition by Gold Resource Corporation (GORO) at a special meeting. 98.884% of votes cast were in favor, exceeding the required 66⅔ percent approval. A total of 208,546,503 shares were represented, marking 60.701% of the total. The closing of the transaction is pending court approval from the Ontario Superior Court of Justice, with expectations to finalize the deal in the coming weeks. The merger aims to enhance growth potential as part of a diversified metal producer.
Aquila Resources (OTCQB: AQARF) announced its Q3 2021 financial results, reporting cash of $2.3 million and a net loss of $1.5 million. The company is in the process of being acquired by Gold Resource Corporation (AMEX: GORO), with a shareholder meeting scheduled for November 17, 2021, to vote on the transaction. The proposed exchange ratio offers a 29% premium based on share price averages. Additionally, Aquila is advancing its Back Forty Project, with an optimized feasibility study expected to be completed soon.
Aquila Resources Inc. has entered into an agreement for Gold Resource Corporation (GORO) to acquire all outstanding Aquila shares at an exchange ratio of 0.0399 GORO shares per Aquila share, equating to a 29% premium based on the 20-day VWAP as of September 3, 2021. Post-transaction, GORO and Aquila shareholders will own 85.1% and 14.9% of the combined entity, respectively. The arrangement aims to enhance market presence and de-risk the financing of the Back Forty Project. The transaction requires approval from Aquila shareholders, expected to close in late November 2021.
Gold Resource Corporation (NYSE American: GORO) has entered into an arrangement agreement with Aquila Resources Inc. (OTCQB: AQARF) for the acquisition of all Aquila shares. The deal values Aquila at approximately C$30.9 million, with a 29% premium based on share prices from September 3, 2021. Post-transaction, GRC shareholders will hold 85.1% and Aquila shareholders 14.9% of the combined entity. GRC expects an increase of over 500% in gold resources and plans to maintain its dividend history.
Closing is anticipated in late November 2021, pending regulatory approvals.
Aquila Resources Inc. has completed the sale of its Bend and Reef properties in Wisconsin to Green Light Metals Inc. for
Aquila Resources Inc. has entered into a Letter Agreement with Gold Resource Corporation (GORO) for a proposed acquisition of Aquila's shares. GORO will acquire all common shares of Aquila at an exchange ratio of 0.0399 GORO shares per Aquila share, equating to a total acquisition value of approximately C$30.9 million. This transaction represents a 29% premium based on a 20-day VWAP. Both companies anticipate that the merger will accelerate production at Aquila's Back Forty Project and enhance their market presence, creating a diversified producer in the precious and base metals sector.
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) has signed a non-binding letter of intent to sell its Bend and Reef exploration properties in Wisconsin to a private company, Newco, for $7 million. The deal includes $3 million in cash and $4 million in Newco shares. The transaction is expected to provide immediate cash flow without diluting Aquila's current shareholders. Completion is contingent on various approvals, including listing on the TSX Venture Exchange. The company remains focused on its Back Forty Project, which holds significant gold and zinc resources.
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) announced the election of six nominees as directors during its 2021 annual meeting, where 38.1% of shares were represented. Key results include Barry Hildred receiving 99.507% support, while Edward J. Munden garnered 54.947%. The Meeting confirmed all nominees, with voting results available on SEDAR. Aquila is focused on high-grade polymetallic projects, primarily the Back Forty Project in Michigan, which contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc, with an optimized feasibility study underway.
