REG - Mila Resources Plc - Issue of Convertible Loan Notes

Mila ResourcesAnnouncement

05/03/2021 17:10

RNS Number : 3950R
  
Mila Resources PLC
  
05 March 2021
  
 

Mila Resources Plc
("Mila Resources" or "the Company")
Issue of Convertible Loan Notes 
 
The Board of Directors of Mila Resources ("the Board"), a natural resources sector focused company, is pleased to announce that they have raised £350,000 through the issue of Convertible Loan Notes ("CLN") with supportive shareholders. The funds will be applied to transaction costs to acquire New Generation Minerals.



1.   


Issuer


Mila Resources




2.   


Amount


£350,000




3.   


Issue Date


Varies




4.   


Maturity Date


Six (6) months from the Issue Date




5.   


Redemption


Automatic redemption of principal amount plus interest on Maturity Date or on Change of Control (as therein defined)




6.   


Interest Rate


6% per annum




7.   


Conversion 


Automatic conversion on re-admission of the Company's share capital on the Standard List of the London Stock Exchange subject to the passing of resolutions in a General Meeting




8.   


Conversion Price


25% discount to the Placing Price (as therein defined)




9.   


Security


Unsecured




10. 


Governing Law


Governed by the laws of England & Wales, with exclusive jurisdiction to the courts in England & Wales
 



The Company has made good progress on the transaction and has lodged the prospectus with the FCA. The Company will keep shareholders updated when a timetable is finalised with the FCA to re-list. 
 
 
**ENDS**
 
For more information visit www.milaresources.com or contact:



 
Mark Stephenson


 
Mila Resources Plc


 
info@milaresources.com




 
Jonathan Evans
 


 
Brandon Hill Capital 


 
+44 (0) 20 3463 5000



 

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