Mila Resources PLC Proposed Acquisition and Suspension of Listing (3434F)
16 Novembre 2020 - 8:45AM
UK Regulatory
TIDMMILA
RNS Number : 3434F
Mila Resources PLC
16 November 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
16 November 2020
Mila Resources Plc ("Mila Resources" or "the Company")
Proposed Acquisition of New Generation Minerals and Suspension
of Listing
Mila Resources, a London Stock Exchange traded natural resource
focused company, is pleased to announce that it has entered into
non-binding Heads of Terms with regard to the possible acquisition
of 100% of the share capital of New Generation Minerals Limited
("NGM') to be satisfied by the issue of New Ordinary Shares of the
Company ('the Proposed Transaction').
New Generation Minerals
NGM is a UK private company, whose principal asset is the
Kathleen Valley gold project ("Project") in Western Australia. The
Project is located in the prolific Wiluna-Norseman gold belt which
hosts several world-class mines owned by a number of premier
Australian gold companies including Northern Star and St Barbara.
NGM holds other nickel and cobalt assets in Western Australia
including a JORC inferred resource of 3.8 Mt Nickel-Cobalt project
and one copper-gold project in Argentina.
The Kathleen Valley gold project has been discovered next door
and on strike to recent discoveries by ASX listed Bellevue Gold, a
company that has made substantial discoveries in the region
particularly with the Deacon and Viago extensions of the historic
Bellevue mine located 7km south of the Project. In June 2020,
Bellevue made a discovery at its Government Well prospect, which is
on the western boundary of the NGM Project. Bellevue has grown
substantially in the last year, and now has a market capitalisation
of over A$1.1 billion.
NGM built its land package by consolidating control of several
groups. In May 2019, NGM commenced drilling at the Project and made
its first discovery holes. NGM carried out further drilling in
September 2020 with peak gold grades of 13.95 g/t. NGM intends to
continue to drill intensively and develop the mineral resource at
the Project using funds raised from its existing shareholders and
from a placing intended to take place at the time of the Proposed
Transaction.
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 7.30 a.m. on Monday 16 November
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:
"We are very enthusiastic to be progressing this transaction
with NGM. We are particularly looking forward to further drilling
of the Kathleen Valley gold project and building value through
exploration in a world class gold province. We are moving rapidly
to complete due diligence and documentation with regard to
relisting the Company. We are excited to have entered into this
Proposed Transaction with NGM at this stage in its development of
the Kathleen Valley gold project."
**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
---------------------- ---------------------
Susie Geliher / Beth St Brides Partners
Melluish Ltd +44 (0) 20 7236 1177
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END
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(END) Dow Jones Newswires
November 16, 2020 02:45 ET (07:45 GMT)
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