Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

October 30, 2006 10:47 ET

Aquiline Announces Increase to Brokered and Non-Brokered Private Placements

TORONTO, ONTARIO--(CCNMatthews - Oct. 30, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Aquiline Resources Inc. ("Aquiline" or the "Corporation") (TSX:AQI) is pleased to announce that it reached an agreement with Sprott Securities Inc. for its agency offering announced earlier today to increase the size of the offering to $10,000,000.

Aquiline also wishes to announce that it has also increased the size of the non-brokered private placement for total proceeds of up to $10,000,000.

The Corporation will use the proceeds from the offerings to incur exploration and development expenses at the Corporation's Calcatreu project in Rio Negro Province, Argentina, to incur exploration and development expenses at the Navidad project in Chubut Province, Argentina and to reimburse costs incurred by IMA Exploration Inc. ("IMA") pursuant to the terms of the interim project development agreement dated October 18, 2006, and for general corporate purposes.

The private placements are expected to close on or before November 14, 2006 and are subject to approval of the TSX and to required documentation. The common shares to be sold pursuant to the private placements will be subject to a four month hold period.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements regarding the ability of Aquiline to successfully complete the private placements are forward-looking statements that involve various risks and uncertainties. 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 C. Henderson
    President & CEO
    (416) 599-4133
    or
    Aquiline Resources Inc.
    Sarah Vaughan-Jackson
    Communications Manager
    (416) 599-4133
    Website: www.aquiline.com