LONDON (Alliance News) - Natural resources firm Mila Resources PLC said Tuesday it had mutually terminated takeover talks with Capital Metals Ltd after it had been unable to secure an agreement, with two executive directors leaving as a result.
Mila had been negotiating with Capital Metals about the potential acquisition of the entire firm.
"Unfortunately, agreement between the two parties has not materialised, resulting in negotiations being terminated by mutual consent," Mila explained in a statement.
In response, Mila Executive Directors George Donne and Anthony Eastman stood down from the firm with immediate effect. Mila thanked them for their work at the company since it was founded in 2015.
Mila emphasised it maintains a "healthy" cash position and has agreed with Capital Metals that some due diligence costs of the talks would be reimbursed by Capital Metals when the firm lists. Mila will now seek a new acquisition target.
Shares in Mila were suspended at 3.35 pence on Tuesday, having been suspended since August 2018.
Mila Resources (MILA)