HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) today announced that it has completed an equity investment with Aquila Resources Inc. (TSX:AQA) which resulted in the company acquiring 2,226,514 common shares of Aquila at a price of C$0.8916 per Share for total consideration of C$1,985,160.
HudBay currently owns and controls 14,367,565 Shares, representing approximately 16.92% of Aquila's issued and outstanding Shares. The Placement was completed pursuant to the terms of an exploration alliance agreement announced on October 15, 2011, which provided for the formation of an exploration alliance between HudBay and Aquila in respect of certain mineral properties in Michigan and other agreed areas. The acquisition of the Shares was made for investment purposes and to assist Aquila in financing the exploration and development of its mineral properties, including those that are subject to the exploration alliance.
Source: HudBay Minerals Inc.