Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

October 20, 2008 09:38 ET

Aquiline Amends Terms of Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2008) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Aquiline Resources Inc. (TSX:AQI) ("Aquiline" or the "Company") announces that, subject to regulatory approval, it intends to proceed with the non-brokered private placement financing (the "Private Placement") originally announced by press release October 9, 2008. The terms of this placement have been amended to reflect current market conditions. The Private Placement will now consist of up to 5,000,000 units (the "Units") of the Company at a price of $2.00 per Unit for aggregate proceeds of up to $10 million. A lead order for 1,500,000 units has been committed by a leading silver producer. Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one common share in the capital of the Company at any time on or before the date that is three years after the closing of the Private Placement at an exercise price of $2.50 per share.

Subject to certain conditions including, but not limited to, the receipt of the approval of the Toronto Stock Exchange, the closing date has not changed and will be on or about October 22, 2008.

All currency references are in Canadian dollars.

This news release is not for distribution to United States newswire services or for dissemination in the United States. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

ABOUT AQUILINE

Aquiline Resources Inc. is an exploration and development company advancing one of the world's largest undeveloped silver deposits (Navidad), as well as a gold/silver deposit (Calcatreu), both in Argentina, and a gold deposit in Peru (Pico Machay).

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding Aquiline's future development of the Navidad property are forward-looking statements that involve various risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Aquiline documents filed from time to time with applicable regulatory authorities. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Aquiline Resources Inc.
    Marc Henderson
    President & CEO
    (416) 599-4133
    or
    Aquiline Resources Inc.
    Flora Wood
    Vice President Investor Relations
    (416) 599-4133
    Email: flora@aquiline.com
    Website: www.Aquiline.com