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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mila Resources Plc | LSE:MILA | London | Ordinary Share | GB00BD4FCK53 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.60 | 0.55 | 0.65 | 0.60 | 0.60 | 0.60 | 600,000 | 07:31:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 0 | -549k | -0.0010 | -6.00 | 3.22M |
TIDMMILA
RNS Number : 0901I
Mila Resources PLC
31 March 2020
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources
31 March 2020
Mila Resources Plc
("Mila" or "the Company")
Interim Results
Mila Resources Plc, a London listed natural resources company, is pleased to present its interim results for the six-month period ended 31 December 2019.
Highlights:
-- February 2020; the announcement of a non-binding Head of Terms with regards to the possible acquisition of 100% of the share capital of E-Tech Metals Ltd ('E-Tech'). E-Tech is a private company developing projects in the critical and strategic metals industry and its primary asset is the high-grade Eureka Rare Earth Project in Namibia.
-- Strong balance sheet position with cash balance at the end of the period GBP395,425 due to continuous prudent financial management.
Chairman Statement
I am pleased to present the interim financial statements to shareholders for the six months ended 31 December 2019.
The period under review was dominated by searching for a suitable reverse takeover candidate, culminating in the identification of E-Tech, whom hold the Eureka rare earth project in Namibia, which we believe is a highly interesting opportunity. We believe the project and its management will enable us to achieve the ambitions we have for Mila.
The current pandemic, although devastating to businesses globally, has not interrupted our plans to undertake a re-listing of the enlarged entity and the Company and its professional advisers are continuing with due diligence and preparing the documentation for the re-listing. Clearly, we will need to assess market conditions prior to raising any capital but it is very much our current intention to complete the transaction by the end of 2020.
The company has advanced GBP50,000 to E-Tech in the form of a secured loan which will assist with the reverse takeover transaction and enable E-Tech to further enhance their project.
I look forward to reporting our progress to you over the coming the months.
Financial Review
For the six months to 31 December 2019, the Company reports a net loss of GBP50,504 (2018: GBP104,650). During the six-months to 31 December 2019, the Company continued its strict financial discipline, incurring a net operating cash outflow of GBP 33,248 (GBP2018: GBP 128,350 ). The Company held cash at 31 December 2019 of GBP395,425 (2018: GBP573,200)
Directors
The following directors have held office during the period:
Mark Stephenson
Lee Daniels
Corporate Governance
The UK Corporate Governance Code (September 2014) ("the Code"), as appended to the Listing Rules, sets out the Principles of Good Corporate Governance and Code Provisions which are applicable to listed companies incorporated in the United Kingdom. As a standard listed company, the Company is not subject to the Code, but the Board recognises the value of applying the principles of the Code where appropriate and proportionate and has endeavoured to do so where practicable.
Responsibility Statement
The Directors are responsible for preparing the Unaudited Interim Condensed Consolidated Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ("DTR") and with International Accounting Standard 34 on Interim Reporting ("IAS 34"). The directors confirm that, to the best of their knowledge, this condensed consolidated interim report has been prepared in accordance with IAS 34 as adopted by the European Union. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during the six months ended 31 December 2019 and their impact on the condensed consolidated financial statements for the period, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
-- related party transactions that have taken place in the six months ended 31 December 2019 and that have materially affected the financial position of the performance of the business during that period.
On behalf of the board
Mark Stephenson
Director
31 March 2020
MILA RESOURCES PLC
Interim Statement of Comprehensive Income (Unaudited)
For the six months ended 31 December 2019
Notes Six months Six months Year ended ended ended 30 June 31 December 31 December 2019 2019 Unaudited 2018 Unaudited Audited GBP GBP GBP Revenue - - - Administrative expenses (50,504) (104,650) (259,395) Loss before taxation (50,504) (104,650) (259,395) Income tax expense 3 - - - Loss for the year (50,504) (104,650) (259,395) ---------------- ---------------- ----------- Other comprehensive income / (loss) - - - ---------------- ---------------- ----------- Total comprehensive loss for the year attributable to equity holders (50,504) (104,650) (259,395) ---------------- ---------------- ----------- Loss per share (basic and diluted) attributable to equity holders (p) 4 (0.22)p (0.45)p (1.12)p ---------------- ---------------- -----------
The income statement has been prepared on the basis that all operations are continuing operations.
MILA RESOURCES PLC
Interim Statement of Financial Position (Unaudited)
As at 31 December 2019
At 31 December At 31 At 30 2019 Unaudited December June 2018 2019 Unaudited Audited Notes GBP GBP GBP Current assets Trade and other receivables 5,815 11,651 17,642 Cash at bank and in hand 395,425 573,200 428,673 ---------------- ----------- ---------- 401,240 584,851 446,315 Current liabilities Trade and other payables 23,174 1,537 17,745 ---------------- ----------- ---------- 23,174 1,537 17,745 Net current assets 378,066 583,314 428,570 Net assets 378,066 583,314 428,570 ---------------- ----------- ---------- Equity Share capital 5 232,000 232,000 232,000 Share premium 5 849,300 849,300 849,300 Share based payment reserve 4,720 4,720 4,720 Retained losses (707,954) (502,706) (657,450) Equity attributable to the owners of the parent 378,066 583,314 428,570 ---------------- ----------- ----------
MILA RESOURCES PLC
Statements of changes in equity (Unaudited)
For the six months ended 31 December 2019
Share Share Premium Share Based Retained TOTAL Capital Account Payment Loss Reserve GBP GBP GBP GBP GBP Balance at 30 June 2018 232,000 849,300 4,720 (398,056) 687,964 Total comprehensive loss for the year - - - (259,395) (259,395) Balance at 30 June 2019 232,000 849,300 4,720 (657,450) 428,570 Total comprehensive loss for the period - - - (50,504) (50,504) Balance at 31 December 2019 232,000 849,300 4,720 (707,954) 378,066 ========= ============== ============ ========== ==========
MILA RESOURCES PLC
Statement of cash flow (Unaudited)
For the six months ended 31 December 2019
Six months 12 months Six months to 31 December to 30 to 31 December June 2019 2018 2019 GBP GBP GBP Cash flows from operating activities Loss for the period (50,504) (104,650) (259,395) Adjustments for: Costs settled by the payment of - - - shares / warrants ---------------- ---------------- Operating cashflow before working capital movements (50,504) (104,650) (259,395) Decrease / (increase) in trade and other receivables 11,827 (2,860) (8,851) Increase / (decrease) in trade and other payables 5,429 (20,840) (4,632) ---------------- ---------------- ---------- Net cash flow from operating activities (33,248) (128,350) (272,878) ---------------- ---------------- ---------- Net decrease / (increase) in cash and cash equivalents (33,248) (128,350) (272,878) Cash and cash equivalents at beginning of the period 428,672 701,550 701,550 Cash and cash equivalents at end of the period 395,425 573,200 428,672 ---------------- ---------------- ----------
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2019
1 General information
Mila Resources Plc (the "Company") looks to id entify potential companies, businesses or asset(s) that have operations in the natural resources exploration, development and production sector .
The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales, with registration number 09620350.
The Company's registered office is Lockstrood Farm, Ditchling Common, Burgess Hill, West Sussex RH15 0SJ.
2 Accounting policies
The principal accounting policies applied in preparation of these consolidated financial statements are set out below. These policies have been consistently applied unless otherwise stated.
Basis of preparation
The interim unaudited financial statements for the period ended 31 December 2019 have been prepared in accordance with IAS 34 Interim Financial Reporting. This interim financial information is not the Company's statutory financial statements and should be read in conjunction with the annual financial statements for the period ended 30 June 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and have been delivered to the Registrars of Companies. The auditors have reported on those accounts; their report was unqualified, did not include references to any matters which the auditors drew attention by way of emphasis of matter without qualifying their report and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information for the six months ended 31 December 2019 is unaudited. In the opinion of the Directors, the interim consolidated financial information presents fairly the financial position, and results from operations and cash flows for the period.
The Directors have made an assessment of the Company's ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements.
The financial information of the Company is presented in British Pounds Sterling (GBP).
Critical accounting estimates and judgements
The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, the resulting accounting estimates will, by definition, seldom equal related actual results.
In preparing the interim financial information, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 30 June 2019.
3 Income tax expense
No tax is applicable to the Company for the six months ended 31 December 2019. No deferred income tax asset has been recognised in respect of the losses carried forward, due to the uncertainty as to whether the Company will generate sufficient future profits in the foreseeable future to prudently justify this.
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2019 (cont.)
4 Loss per share
Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
There are currently no dilutive potential ordinary shares.
Earnings Weighted average Per-share GBP number of shares amount unit pence Loss per share attributed to ordinary shareholders (50,504) 23,200,000 (0.22)p 5 Share capital Number of shares Share Share in issue capital premium Total GBP GBP GBP Balance at 30 June 2019 23,200,000 232,000 849,300 1,081,300 Movements during the period - - - - Balance at 31 December 2019 23,200,000 232,000 849,300 1,081,300 =========== ======== ======== ==========
The Company has one class of ordinary share which carries no right to fixed income.
6 Related party disclosures
Remuneration of directors and key management personnel
The remuneration of the Directors during the six-month period to 31 December 2019 amounted to GBP24,000 (31 December 2018: GBP36,000).
Shareholdings in the Company
Shares and warrants held by the Directors of the Company.
Shares Warrants (1) Mr Mark Stephenson 1,200,000 1,200,000 Balance at 31 December 2019 1,200,000 1,200,000 ========== =============
(1) Exercisable at GBP0.05, on or before 31 December 2020.
7 Subsequent events
Non-binding heads of Terms with E-Tech Metals Limited ("E-Tech")
On the 27(th) of February 2020, the company entered into a non-binding Head of Terms with regards to the possible acquisition of 100% of the share capital of E-Tech Metals Ltd ('E-Tech') to be satisfied in New Ordinary Shares of the Company ('the Proposed Transaction'). E-Tech is a private company developing projects in the critical and strategic metals industry and its primary asset is the high-grade Eureka Rare Earth Project in Namibia. The Proposed Transaction remains subject to due diligence, completion of the acquisition and re-listing of the enlarged group on the Official List. The Proposed Transaction, if completed, would constitute a reverse takeover under the Listing Rules. As the Company is currently unable to provide a full disclosure under Listing Rule 5.6.15, it requested a temporary suspension of listing in its ordinary shares with effect from 8.00 a.m., 27 February 2020, pending the publication of a prospectus and the application for the enlarged Company to have its Ordinary Shares admitted to the Official List and to trading on the Main Market for listed securities of the London Stock Exchange. The Proposed Transaction will be subject to approval by shareholders of the Company at a general meeting.
**ENDS**
For more information visit www.milaresources.com or contact:
Mark Stephenson Mila Resources Plc +44 (0) 20 7236 1177 Jonathan Evans Brandon Hill Capital +44 (0)20 3463 5016 ---------------------- --------------------- Susie Geliher / Beth St Brides Partners Melluish Ltd +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.
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March 31, 2020 02:00 ET (06:00 GMT)
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