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Monday, October 08, 2018 2:54:19 PM
AQUILA RESOURCES RECEIVES US$7.4 MILLION PAYMENT FROM OSISKO GOLD ROYALTIES UNDER STREAMING AGREEMENT
TORONTO, Oct. 5, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that it has received a payment of US$7.4 million from an affiliate of Osisko Gold Royalties Ltd ("Osisko") under the gold streaming agreement entered into on November 8, 2017 (the "Streaming Agreement"). This payment represents the second deposit of the total advance payment of US$55 million to be made by Osisko under the Streaming Agreement (see press release of November 9, 2017). The payment, which was made net of a US$100,000 capital commitment fee, follows the receipt by Aquila of all material permits required for the development and operation of its Back Forty Project in Michigan and the completion of the Back Forty Project Feasibility Study.
Aquila currently has approximately US$17.4 million in cash and is well-funded to advance its planned pre-construction activities. Shares Outstanding: 337,974,556
TORONTO, Oct. 5, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that it has received a payment of US$7.4 million from an affiliate of Osisko Gold Royalties Ltd ("Osisko") under the gold streaming agreement entered into on November 8, 2017 (the "Streaming Agreement"). This payment represents the second deposit of the total advance payment of US$55 million to be made by Osisko under the Streaming Agreement (see press release of November 9, 2017). The payment, which was made net of a US$100,000 capital commitment fee, follows the receipt by Aquila of all material permits required for the development and operation of its Back Forty Project in Michigan and the completion of the Back Forty Project Feasibility Study.
Aquila currently has approximately US$17.4 million in cash and is well-funded to advance its planned pre-construction activities. Shares Outstanding: 337,974,556
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