Mila Resources PLC Capital Metals Transaction Update & Board Changes (3559T)
March 19 2019 - 1:15PM
UK Regulatory
TIDMMILA
RNS Number : 3559T
Mila Resources PLC
19 March 2019
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
19 March 2019
Mila Resources Plc
("Mila Resources" or "the Company")
Update on Capital Metals Limited Transaction and Board
Changes
Mila Resources, a London Stock Exchange listed natural resource
focused company, announces an update on the negotiations regarding
the acquisitions of 100% of the share capital of Capital Metals
Limited ("CML"). Unfortunately, agreement between the two parties
has not materialised, resulting in negotiations being terminated by
mutual consent.
Following the termination of talks with CML, Mr George Donne and
Mr Anthony Eastman, both Executive Directors of Mila Resources,
have informed the Company of their intention to step down from the
Board with immediate effect. The Company would like to thank them
for their hard work since the establishment of Mila Resources in
2015.
A search for a replacement has commenced and a further
announcement will be made in due course.
Mila Resources maintains a healthy cash position and has agreed
for certain due diligence costs, incurred during the intended
transaction with CML, to be reimbursed by CML upon a listing of
CML. The Company will now look for a new transaction with the
intention of identifying a suitable opportunity in the near term.
The Company would like to thank shareholders for their patience and
looks forward to updating them in due course upon the
identification of a suitable transaction.
**ENDS**
For more information visit www.milaresources.com or contact:
Mark Stephenson Mila Resources Plc +44 (0) 20 7236 1177
Beth Melluish St Brides Partners Ltd +44 (0) 20 7236 1177
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END
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