Mila Resources PLC Proposed Acquisition & Suspension of Trading (2610E)
27 Febbraio 2020 - 08:00AM
UK Regulatory
TIDMMILA
RNS Number : 2610E
Mila Resources PLC
27 February 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION (EU) 596/2014 (MAR). ON PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
27 February 2020
Mila Resources Plc ("Mila Resources" or "the Company")
Proposed Acquisition of E-Tech Metals and Suspension of
Trading
Mila Resources, a London Stock Exchange traded natural resource
focused company, is pleased to announce that it has entered into a
non-binding Head of Terms with regards to the possible acquisition
of 100% of the share capital of E-Tech Metals Ltd ('E-Tech') to be
satisfied in New Ordinary Shares of the Company ('the Proposed
Transaction'). E-Tech is a private company developing projects in
the critical and strategic metals industry and its primary asset is
the high-grade Eureka Rare Earth Project in Namibia.
The Proposed Transaction remains subject to due diligence,
completion of the acquisition and re-listing of the enlarged group
on the Official List.
The Proposed Transaction, if completed, would constitute a
reverse takeover under the Listing Rules. As the Company is
currently unable to provide a full disclosure under Listing Rule
5.6.15, it has requested a temporary suspension of listing in its
ordinary shares with effect from 8.00 a.m. today, 27 February 2020,
pending the publication of a prospectus and the application for the
enlarged Company to have its Ordinary Shares admitted to the
Official List and to trading on the Main Market for listed
securities of the London Stock Exchange. The Proposed Transaction
will be subject to approval by shareholders of the Company at a
general meeting.
Mila Executive Director, Mark Stephenson, said "The critical and
strategic metals industry represents an area of significant growth
in the coming decades as international policy makers and
manufacturers turn increasingly to electric vehicles and efficient
energy storage. The Eureka Project would provide Mila with a highly
attractive entry point into this market as this asset not only
combines high grade neodymium and praseodymium mineralisation, two
of the most prized and high value elements in the Rare Earth group
of metals, but also offers the potential for near-term, low-capex
and low-opex production."
Whilst the board is resolute in its efforts to execute the
Proposed Transaction, no binding agreement has yet been reached and
accordingly, the board cannot at this stage guarantee its
completion. Further announcements will be made in due course.
**ENDS**
For more information visit www.milaresources.com or contact:
Mark Stephenson Mila Resources Plc +44 (0) 20 7236 1177
Jonathan Evans Brandon Hill Capital +44 (0)20 3463 5016
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Susie Geliher / Beth St Brides Partners
Melluish Ltd +44 (0) 20 7236 1177
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END
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