Mila Resources PLC Update on transaction and lifting of suspension (2962E)
November 04 2020 - 11:57AM
UK Regulatory
TIDMMILA
RNS Number : 2962E
Mila Resources PLC
04 November 2020
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
4 November 2020
Mila Resources Plc
("Mila Resources" or "the Company")
Update on transaction and lifting of suspension
Mila Resources Plc, a London Stock Exchange listed natural
resource focused company, announces an update on the negotiations
regarding the acquisition of 100% of the share capital of E-Tech
Metals Ltd ('E-Tech'). The transaction was materially advanced
following due diligence and the preparation of a prospectus;
however, E-Tech gave notice that they wished to terminate the
transaction without cause.
Subsequently, Mila has now recovered the loan of GBP87,402
(which includes all accrued interest) advanced to E-Tech. Mila is
receiving legal advice with regard to the termination notice
provided by E-Tech.
Mila Resources maintains a healthy cash position and is in
advanced discussions with regard to other potential transactions
and will update the market in due course.
Finally, Mila announces that normal trading in the Company's
23,200,000 ordinary shares of GBP0.01 par value will resume under
the ticker code 'MILA' in due course following consultation with
the FCA. A further statement will be made in due course to clarify
lifting of the suspension.
**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 Melluish
St Brides Partners Ltd +44 (0) 20 7236 1177
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