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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 0.0% 1.65 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.3 -1.1 - 0

Mila Resources PLC Interim Results

31/03/2020 7:00am

UK Regulatory (RNS & others)


Mila Resources (LSE:MILA)
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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.

END

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