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.
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