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Aquila Resources to raise C$6.6M via unit offering

Aquila Resources Inc. is looking to raise up to C$6.6 million via a nonbrokered private placement of up to 30 million units at 22 Canadian cents apiece.

Each unit will consist of 1 common share and 0.5 of a common share purchase warrant, with each warrant exercisable at 30 cents per share for a 36-month period from issuance, the company said Jan. 24.

Net proceeds will be used to complete a feasibility study for the company's Back Forty gold-zinc project in Michigan, to strengthen and expand its management team and for general working capital.

The offering is expected to close by Jan. 31, subject to conditions, including approval from the TSX Venture Exchange.