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Shares Outstanding: 183,201,174

TORONTO , Aug. 18, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (FKT: JM4A) (the "Company"), a development-stage company with assets in the Great Lakes Region including its 100%-owned gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula ("Back Forty"), today announced that it intends to complete a non-brokered private placement for gross proceeds of up to C$1 million (the "Offering"). Proceeds from the Offering will be used for the further exploration and development of Back Forty and general working capital purposes.

Under the terms of the Offering, the Company will issue equity units ("Units") at a price of $0.13 per Unit. Each Unit will consist of one common share of the Company and one common share purchase warrant ("Warrant"). Each Warrant will be exercisable at $0.15 for a period of thirty-six (36) months following the closing of the Offering.

The Offering is expected to close on or about September 15 th, 2014 and is subject to approval by the Toronto Stock Exchange. Finder's fees may be paid in connection with the Offering.

About Aquila Resources

Aquila Resources Inc. (AQA.TO) (JM4A.F) is a development-stage company with assets in the Great Lakes Region including its 100%-owned gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula.

This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation, including statements regarding the proposed Offering. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially; in particular, there can be no assurance that the Offering will be completed on the terms described in this press release or at all. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.

SOURCE Aquila Resources Inc.

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