Regulatory Story
Go to market news section View chart   Print
RNS
Mila Resources PLC   -  MILA   

Proposed Acquisition & Suspension of Trading

Released 07:00 27-Feb-2020

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

Susie Geliher / Beth Melluish

St Brides Partners Ltd

+44 (0) 20 7236 1177

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCKKABNOBKDKBB
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Proposed Acquisition & Suspension of Trading - RNS