Aquila (T.AQA) up 7% as HudBay (T.HBM) Michigan transaction closes

Stockhouse Editorial
0 Comments| January 17, 2014

TORONTO _ HudBay Minerals Inc. (TSX: T.HBMStock Forum) has completed the transfer of its 51 per cent stake in a Michigan exploration project to its joint venture partner, Aquila Resources Inc. (TSX: T.AQA, Stock Forum).

HudBay received 18.6 million Aquila shares for its stake in the Back Forty zinc and gold property, which the junior mining company has been exploring for about a decade with various partners.

Aquila stock has risen since the deal was announced in early November. The shares closed Thursday at 14 cents, up from 11.5 cents at the close on Nov. 7, just prior to the announcement.

On Friday, the stock was up 7% to 15 cents, leaving Aquila with a market cap of $14.2 million, based on 98.2 million shares outstanding. The 52-week range is 20 cents and 7.5 cents.

As a result, HudBay's stake in Aquila has risen to about 18 per cent from about 14.6 per cent when the deal was announced, Aquila said in a press release.

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