Source - LSE Regulatory
RNS Number : 7132F
Mila Resources PLC
08 November 2022
 

Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources

8 November 2022

Mila Resources Plc

('Mila' or the 'Company')

 

Additional £212,000 Raised for Kathleen Valley Gold Project Expansion

 

Mila Resources Plc (LSE: MILA), the post-discovery gold exploration accelerator, announces that it has raised gross proceeds of £212,000 through a Placing of 7,066,667 New Ordinary Shares of 1 pence each ("Placing Shares") at a placing price of 3 pence per Placing Share (the "Placing").  Investors in the Placing will also receive one warrant per Placing Share to subscribe for one new ordinary share at an exercise price of 4.8 per share for 3 years from the date of admission ("Investor Warrants").  The Company has also issued 253,321 broker warrants that are exercisable at the Placing Price for a period of 3 years from admission ("Broker Warrants").

 

The Investor Warrants and Broker Warrants are conditional on the publication of a Prospectus by the Company, which it anticipates filing as soon as practicable, and shareholder approval to increase the Company's share authorities.

 

Use of Funds

The proceeds of the this Placing will be used to supplement the gross proceeds of £696,000 from the placing announced on 6 October 2022, which is being used to build upon the highly successful Stage 1 drilling campaign at Kathleen Valley, which has returned highly promising intersections including 6.6m @ 14.86 g/t Au & 21.79 g/t Ag from 209.40m, including 1m @ 27.60 g/t Au & 47.50 g/t Ag from 211m.  

 

Further drilling at the Coffey Deposit at Kathleen Valley has shown highly encouraging preliminary visual results from the Stage 2 drilling which identified three additional sheared zones. The proceeds of these recent fundraisings will be used advance this work at the Coffey Deposit, in addition to Environmental and Heritage works, and for general working capital. 

 

These activities are expected to support the Company's resource expansion objectives, drilling along strike at depth and also infill drilling, with the intention of publishing an updated and enlarged JORC Resource statement following completion of Stage 3 drilling.

 

Mark Stephenson, Executive Chairman of Mila commented: "We welcome the new shareholders and this additional fundraise is on the same terms as the capital raise announced on 6 October 2022. We are well funded to continue our exploration at Kathleen Valley and look forward to the forthcoming assays in the coming weeks."

 

Admission and Total Voting Rights

 

An application has been made for the Placing Shares to be admitted to trading on the Official List and the London Stock Exchange with effect from 8.00 a.m. on 14 November 2022 ("Admission").

 

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company's enlarged issued ordinary share capital will comprise 336,817,108 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure Guidance and Transparency Rules.

  

**ENDS**

 

For more information visit www.milaresources.com or contact:

Mark Stephenson

Mila Resources Plc

info@milaresources.com

Jonathan Evans

Tavira Financial

+44 (0) 20 7100 5100

Nick Emerson

SI Capital

+44 (0) 20 3143 0600

Susie Geliher and Max Bennett

St Brides Partners Limited

+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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IOEBXBDBIGGDGDI
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Mila Resources PLC (MILA)

0p (0.00%)
delayed 15:57PM