Mila Resources PLC Proposed Acquisition and Suspension of Trading (5559W)
02 August 2018 - 4:31PM
UK Regulatory
TIDMMILA
RNS Number : 5559W
Mila Resources PLC
02 August 2018
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
2 August 2018
Mila Resources Plc
("Mila Resources" or "the Company")
Proposed Acquisition of High Grade Mineral Sands Projects and
Suspension of Trading
Mila Resources, a London Stock Exchange traded natural resource
focused company, is pleased to announce that it has entered into
Head of Terms and an exclusivity period, to acquire 100% of the
share capital by way of a reverse takeover ("the Transaction") of
Capital Metals Limited (the "Target"). The Target is a British
Virgin Islands registered company, which is the 100% owner of a
high-grade mineral sands project in southern Asia (the
"Project").
The Transaction remains subject to due diligence, completion of
the acquisition and re-listing of the enlarged group on the
Official List. If the Transaction is completed, it will constitute
a reverse takeover under the Listing Rules and will be subject to
approval by shareholders of the Company at a general meeting.
As the Acquisition will constitute a Reverse Takeover, the
Company has requested that the listing of its Ordinary Shares be
temporarily suspended with effect from 7.30 a.m. today, 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.
Mila Executive Director, George Donne, said "The Target fits our
investment criteria of being a pre-development and rapidly scalable
project which, with modest investment, we believe has excellent
potential to re-rate quickly. The mineral sands sector is exciting
with multiple applications driving demand and the Project is
ideally located to access the principal markets in Asia, Europe and
North America. We are now conducting due diligence, which we hope
will lead to a fast and seamless acquisition that will be mutually
beneficial for both parties."
**ENDS**
For more information visit www.milaresources.com or contact:
George Donne Mila Resources Plc info@milaresources.com
St Brides Partners Ltd
Susie Geliher (PR) +44 (0) 20 7236 1177
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END
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