REG - Mila Resources Plc - £212,000 Raised for Kathleen Valley Gold Project

Mila ResourcesAnnouncement

08/11/2022 13:15

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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                info@milaresources.com

 Mila Resources Plc
 Jonathan Evans                 +44 (0) 20 7100 5100

 Tavira Financial
 Nick Emerson                   +44 (0) 20 3143 0600

 SI Capital
 Susie Geliher and Max Bennett  +44 (0) 20 7236 1177

 St Brides Partners Limited

 

 

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