TORONTO, Dec. 30, 2013 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila") and REBgold Corporation (TSX.V: RBG) ("REBgold") are pleased to announce that, at special meetings of their respective shareholders held earlier today (each a "Meeting"), their respective shareholders overwhelmingly approved all resolutions relating to the previously announced plan of arrangement involving Aquila and REBgold (the "Arrangement") and the proposed acquisition by Aquila of the 51% interest in the Back Forty project in Michigan currently held by HudBay Minerals Inc.
At the REBgold Meeting, (i) the Arrangement was approved by 99.94% of the votes cast by REBgold shareholders present in person or by proxy at the Meeting, (ii) the participation by investment funds managed or controlled by Baker Steel Capital Managers LLP ("Baker Steel") in a non-brokered private placement of REBgold shares of a minimum of $4 million and a maximum of $6 million at a price of $0.13 per share was approved by 90.62% of the votes cast by REBgold shareholders present in person or by proxy at the Meeting other than Baker Steel, and (iii) the reduction of the stated capital of the REBgold shares was approved by 99.94% of the votes cast by REBgold shareholders present in person or by proxy at the Meeting.
At the Aquila Meeting, (i) the issuance of Aquila shares in connection with the Arrangement was approved by 99.98% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting, (ii) the acquisition of all of the issued and outstanding shares of HudBay Michigan Inc. from HudBay Minerals Inc. was approved by 99.92% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting other than Hudbay Minerals Inc., (iii) the granting of stock options to certain directors, officers and service providers of Aquila and REBgold who will be continuing with Aquila following the completion of the Arrangement was approved by 99.84% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting other than the directors, officers and eligible service providers who will receive such stock options, and (iv) the issuance of debt satisfaction and compensation shares to certain directors, officers and service providers of Aquila and REBgold who will be continuing with Aquila following the completion of the Arrangement was approved by 99.87% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting other than the directors, officers and eligible service providers who will receive such debt satisfaction and compensation shares.
Completion of the Transactions
Aquila and REBgold expect that the transactions will be completed in mid January 2014. The transactions are conditional upon, among other things, receipt of all required court and stock exchange approvals, and 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.
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