REG - Mila Resources Plc - Placing to Accelerate Yarrol Exploration

Mila ResourcesAnnouncement

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RNS Number : 0812N  Mila Resources PLC  17 June 2025

 

17 June 2025

 

Mila Resources plc

 

("Mila" or the "Company")

 

 

Conditional Placing of £756,000 to accelerate exploration at Yarrol

 

Conditional Placing

 

Mila Resources Plc (LSE:MILA), the post-discovery gold exploration
accelerator, is pleased to announce that the Company has raised gross proceeds
of approximately £756,000 through a placing of 108,013,391 Ordinary Shares
("Placing") at a placing price of 0.7 pence per Ordinary Share ("Placing
Price").  The Placing is conditional on the passing of shareholder
resolutions relating to a proposed subdivision of ordinary shares at the
General Meeting outlined below.

 

Use of Proceeds

The proceeds will be applied to accelerate exploration at Yarrol following the
successful validation of historic data through the H1 2025 drilling program.
The Directors intend to extend ground magnetics across approximately 4km of
strike. This will inform a detailed structural review before targeted diamond
drilling to add detail to our geological model of the deposit.. Also, further
work will now be undertaken at the Monal and Mt Steadman properties in order
to define drill targets. Moreover, the Company intends to develop its own
local subsidiary and geological team to reduce exploration costs and
streamline operations generally.

The next phase of exploration  aims to provide the basis for a de-risked
resource drilling programme at Yarrol, while simultaneously progressing
drill-ready targets at Mt Steadman and Monal. The mid-term aim is to grow the
resource potential as quickly as possible to demonstrate the value of the
assets in Queensland.

Mark Sephenson, Executive Director of Mila Resources commented:"We are
delighted with strong demand for this fundraise from both existing and new
shareholders. We have reported some excellent results from the initial 4
assays at Yarrol and this fundraise will allow us to fast track exploration
during H2 2025. This capital will also allow us to begin exploration across
the entire package of licences over a strike of 20km. We will be reporting a
further 6 assays at Yarrol in the weeks ahead as they return from the
laboratories and look forward to moving the project forward."

 

Proposed Subdivision of Ordinary Shares and General Meeting

 

The Companies Act 2006 prohibits the Company from issuing shares at a price
below their nominal value. A circular convening a General Meeting will be sent
to shareholders in the coming days asking Shareholders to approve resolutions
to the following effect:

 

(a)      that each of the existing Ordinary Shares of 1p be sub-divided
into one New Ordinary Share of 0.1p and one Deferred Share of 0.9p; and

(b)      to amend the Company's articles of association to include the
rights attaching to the Deferred Shares.

The Deferred Shares will not entitle their holders to receive notice of or to
attend or vote at any general meeting of the Company, or to receive any
dividend or other distribution. On a return of capital on a winding up or
dissolution of the Company, the holders of the Deferred Shares shall be
entitled to receive an amount equal to the nominal amount paid up thereon, but
only after the holders of Ordinary Shares have received £100,000 per Ordinary
Share. The Company shall have the right to purchase the Deferred Shares at any
time for no consideration. As such, the Deferred Shares effectively have no
value.

 

Notice of a General Meeting of the Company, to be held on Monday 7 July 2025
at 10.00 a.m. at Level 1, Devonshire House, 1 Mayfair Place, London W1J 8AJ
will be set out in the circular.

 

Once published, the circular will be available to download from the Company's
website at www.milaresources.com. It is important that Shareholders lodge
their votes electronically in advance of the General Meeting through
submission of their proxy votes via the MUFG Investor Centre.

 

Shareholders are reminded that because the Placing is conditional on the
passing of the resolutions to be proposed at the General Meeting. Should the
resolutions not be passed, these will not proceed.

 

Admission and Total Voting Rights

 

The Company will seek admission of the Placing Shares to trading on the Equity
Shares (Transition) category of the official list and the main market of the
London Stock Exchange conditional on the passing of resolutions at the GM. and
it is expected that admission will become effective and that dealings in the
Placing Shares will commence at 8.00 a.m. on or around 8 July 2025
("Admission").

 

Following Admission, the total issued share capital of the Company will
consist of 649,977,974 Ordinary Shares each with one voting right. The Company
does not hold any Ordinary Shares in treasury. Therefore, the total number of
voting rights in the Company will be 649,977,974 and this figure may be used
by shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change in
their interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

Market Abuse Regulation (MAR) Disclosure

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.  The person responsible for the release of this announcement is Mark
Stephenson.

 

 

 

**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 Limited 

   
 Nick Emerson                            +44 (0) 20 3143 0600 

 SI Capital 

   
 Damon Heath                             +44 (0) 20 3971 7000 

 Shard Capital Partners LLP 

   
 Susie Geliher / Charlotte Page          +44 (0) 20 7236 1177 

 St Brides Partners Limited 

   

  

 

 

 

 

 

 

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