Aquila Resources Inc. (TSX:AQA) announced a non-brokered private placement of 30,000,000 units at CAD 0.22 per unit for gross proceeds of CAD 6,600,000 on January 24, 2017. Each unit consists of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of CAD 0.30 per share for a period of 36 months from the date of closing. The company may pay finder’s fee of up to 5% in cash and 5% broker warrants of the proceeds raised in the transaction. The transaction is subject to TSX Venture Exchange approval. The transaction is expected to close on or about January 31, 2017.