May 22, 2013
For Immediate Release Toronto, Ontario
TSX: AQA Shares Outstanding: 96,253,352
AQUILA CLOSES $519,000 FINANCING
Aquila Resources Inc. (TSX: AQA; FKT: JM4A) (“Aquila” or the “Company”) today announced that it has closed an initial tranche of its previously announced non-brokered financing by way of private placement. Price of the units were amended from $0.12 to $0.10 due to market conditions. The Company issued 5,190,000 units consisting of a common share and a half warrant at a price per unit of $0.10 for gross proceeds of $519,000. Each full warrant entitles the holder to purchase a common share of the Company at a price of $0.20 for a period of 5 years from date of issue. Proceeds of the financing will be used for working capital purposes.
The Company paid cash finders fees of $16,875 and 148,750 finders warrants in conjunction with the financing. Each finders warrants entitle the holder to purchase one common share at a price of $0.12 for a period of five years from date of issue.
About Aquila Resources Inc.
Aquila Resources Inc. (TSX: AQA) (Frankfurt: JM4A) is a mineral exploration Company focused on the discovery and development of high quality base and precious metal projects in prospective regions of North America with a focus on its interest in the Back Forty Project. For more information please visit www.AquilaResources.com.
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