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(Alliance News) - Natural resources focused acquisition vehicle Mila Resources PLC said Thursday losses deepened amid an ended takeover attempt, as it continued to seek out an appealing acquisition opportunity.
For the year ended June, pretax loss deepened to GBP259,395 from GBP235,264 the year prior. The firm did not generate any revenue in either year.
"Following Mila's re-listing and broadening of its horizons we remain open minded about which industries we might invest in while retaining our key criteria for delivering excellent value for our shareholders," Mila said in a statement.
"The mutually terminated proposed reverse takeover of Capital Metals Ltd, while disappointing, has driven our new strategy which we hope will lead to a swift replacement," Mila added. "The reduction of investment routes for smaller businesses following the continued uncertainty over Brexit has driven some extremely exciting opportunities towards Mila. Negotiations are already well underway on these projects and we hope that at least one of these opportunities can be Mila's first acquisition."
"We formed the company to undertake an acquisition of a controlling interest in a company or business," Mila continued. "Any acquisition is expected to constitute a reverse takeover transaction and consideration for the acquisition may be in part or in whole in the form of share-based consideration or funded from the company's existing cash resources or the raising of additional funds."
"I look forward to reporting our progress to you over the next period," Mila said.
Shares in Mila closed 7.6% lower at 1.70 pence in London on Thursday.
By Ahren Lester; ahrenlester@alliancenews.com
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