Last checked at 19 Mar 2019 17:15
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources
19 March 2019
Mila Resources Plc
("Mila Resources" or "the Company")
Update on Capital Metals Limited Transaction and Board Changes
Mila Resources, a London Stock Exchange listed natural resource focused company, announces an update on the negotiations regarding the acquisitions of 100% of the share capital of Capital Metals Limited ("CML"). Unfortunately, agreement between the two parties has not materialised, resulting in negotiations being terminated by mutual consent.
Following the termination of talks with CML, Mr George Donne and Mr Anthony Eastman, both Executive Directors of Mila Resources, have informed the Company of their intention to step down from the Board with immediate effect. The Company would like to thank them for their hard work since the establishment of Mila Resources in 2015.
A search for a replacement has commenced and a further announcement will be made in due course.
Mila Resources maintains a healthy cash position and has agreed for certain due diligence costs, incurred during the intended transaction with CML, to be reimbursed by CML upon a listing of CML. The Company will now look for a new transaction with the intention of identifying a suitable opportunity in the near term. The Company would like to thank shareholders for their patience and looks forward to updating them in due course upon the identification of a suitable transaction.
**ENDS**
For more information visit www.milaresources.com or contact:
Mark Stephenson | Mila Resources Plc | +44 (0) 20 7236 1177 |
Beth Melluish
| St Brides Partners Ltd | +44 (0) 20 7236 1177 |