Aquila Resources to enter proposed ‘transformational’ financing with Orion Mine Finance

Project developer Aquila Resources has entered into an exclusivity agreement with Orion Mine Finance on a multilevel financing transaction that includes a private placement and a silver stream in exchange for funding $20.75-million. TSX- and Frankfurt-listed Aquila said on Tuesday that it would use the capital to fund its flagship Back Forty gold/zinc project, in Michigan, through the next phase of development, including permitting, a feasibility study, the repurchasing of existing royalties on the project and ongoing exploration programmes in the immediate project area.