(Alliance News) - Mila Resources PLC on Tuesday reported a narrowed loss for the first half of its financial year, as administrative costs fell in the company's drive to find a suitable reverse takeover candidate.
For the six months to the end of December, the natural resources company reported a pretax loss of GBP50,504, narrowed from GBP104,560, entirely due to a drop in administrative expenses.
Due to being an exploration company, Mila did not generate any revenue for the period, nor for the previous one.
Beyond the period, in February Mila announced a non-binding heads of terms for the possible acquisition of E-Tech Metals Ltd, which developed projects in the critical and strategic metals industry, with its main asset the Eureka rare earth project in Namibia.
"The current pandemic, although devastating to businesses globally, has not interrupted our plans to undertake a re-listing of the enlarged entity and the company and its professional advisers are continuing with due diligence and preparing the documentation for the re-listing. Clearly, we will need to assess market conditions prior to raising any capital but it is very much our current intention to complete the transaction by the end of 2020," said Executive Director Mark Stephenson.
Shares in Mila Resources are currently suspended in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Mila Resources (MILA)