Aquila Resources Inc. and REBgold Corporation announced that they have entered into a definitive agreement to complete a business combination whereby Aquila will acquire all of the outstanding shares of REBgold in exchange for Aquila shares on a 1-for-1 basis. Upon completion of the business combination, Aquila's board of directors and management team will be comprised of select individuals from the existing leadership teams of both Aquila and REBgold, chosen for their proven track records and industry expertise. The board of directors will be led by Mark Burridge, who will serve as Chairman of Aquila.

Barry Hildred will continue to serve as Chief Executive Officer. Mr. Hildred will also be appointed a director of Aquila. Two additional directors from the existing board of directors of each Aquila and REBgold will be nominated to serve on the Aquila board and a seventh director will be jointly nominated.