Mila Resources PLC Replacement: Additional GBP212,000 for KV Project (1741G)
11 Novembre 2022 - 12:55PM
UK Regulatory
TIDMMILA
RNS Number : 1741G
Mila Resources PLC
11 November 2022
The following amendment has been made to the announcement
released on 08 November 2022 at 13:15 under RNS No 7132F.
The number of placing shares being issued is 7,066,067, not
7,066,667.
All other details remain unchanged.
The full amended text is shown below.
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
8 November 2022
Mila Resources Plc
('Mila' or the 'Company')
Additional GBP212,000 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 GBP212,000 through a Placing of 7,066,067 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 GBP696,000 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 info@milaresources.com
Mila Resources Plc
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
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END
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