TIDMMILA
RNS Number : 3077A
Mila Resources PLC
01 June 2021
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
1 June 2021
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 2020.
Highlights:
-- Towards the period end Mila entered into non-binding Heads of
Terms with regard to the possible acquisition of 100% of the share
capital of New Generation Minerals Limited ("NGM'); to be satisfied
by the issue of New Ordinary Shares of the Company. NGM is a UK
private company, whose principal asset is the Kathleen Valley gold
project ("Project") in Western Australia. The Project is located in
the prolific Wiluna-Norseman gold belt which hosts several
world-class mines owned by a number of premier Australian gold
companies including Northern Star and St Barbara. Since the initial
Heads of Terms announcement, the structure of the proposed
transaction has been simplified to the acquisition of NGM's gold
project in Western Australia "Kathleen Valley". The nature of the
deal will be an earn in process based on success milestones.
-- Cash balance at the end of the period GBP212,811.
-- In March 2021, the Company announced that it had raised
GBP350,000 through the issue of Convertible Loan Notes ("CLN") with
supportive shareholders.
Chairman Statement
I am pleased to present the interim financial statements to
shareholders for the six months ended 31 December 2020.
The period under review was dominated by searching for a
suitable reverse takeover candidate, culminating in the
identification of New Generation Minerals Limited ("NGM'). Since
the initial announcement the deal has been simplified to the
acquisition of NGM's interest in the the Kathleen Valley Gold
Project in Western Australia. The acquisition will be an earn in
process based on success milestones. The Kathleen Valley Gold
Project is a very exciting gold project and we believe the project
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 relatively
shortly. The prospectus is advancing through the FCA and we will
notify shareholders upon its release.
I look forward to reporting our progress to you over the coming
the weeks.
Financial Review
For the six months to 31 December 2020, the Company reports a
net loss of GBP122,037 (2019: GBP50,504). During the six-months to
31 December 2020, the Company continued its strict financial
discipline, incurring a net operating cash inflow of GBP 26,495
(2019: outflow GBP 33,248 ). The Company held cash at 31 December
2020 of GBP212,811 (2019: GBP395,425).
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 2020 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 2020 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 May 2021
MILA RESOURCES PLC
Interim Statement of Comprehensive Income (Unaudited)
For the six months ended 31 December 2020
Notes Six months Six months Year
ended ended ended
31 December 31 December 30 June
2020 Unaudited 2019 Unaudited 2020
Audited
GBP GBP GBP
Revenue - - -
Administrative expenses (123,590) (50,504) (220,220)
Operating loss (123,590) (50,504) (220,220)
Interest receivable 1,553 - 849
Loss on ordinary activities
before taxation (122,037) (50,504) (219,371)
Income tax expense 3 - - -
Loss for the period (122,037) (50,504) (219,371)
---------------- ---------------- ----------
Other comprehensive income
/ (loss) - - -
---------------- ---------------- ----------
Total comprehensive loss
for the year attributable
to equity holders (122,037) (50,504) (219,371)
---------------- ---------------- ----------
Loss per share (basic
and diluted) attributable
to equity holders (p) 4 (0.53)p (0.22)p (0.95)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 2020
At 31 At 30
At 31 December June
December 2019 2020
2020 Unaudited Unaudited Audited
Notes GBP GBP GBP
Current assets
Trade and other receivables 835 5,815 23,705
Cash at bank and
in hand 212,811 395,425 186,316
Loans receivable - - 85,849
---------------- ----------- ----------
213,646 401,240 295,870
Current liabilities
Trade and other payables 126,483 23,174 86,671
---------------- ----------- ----------
126,483 23,174 86,671
Net current assets 87,163 378,066 209,199
Net assets 87,163 378,066 209,199
---------------- ----------- ----------
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 (998,857) (707,954) (876,821)
Equity attributable
to the owners of
the parent 87,163 378,066 209,199
---------------- ----------- ----------
MILA RESOURCES PLC
Statements of changes in equity (Unaudited)
For the six months ended 31 December 2020
Share Share Share Based Retained TOTAL
Capital Premium Payment Loss
Account Reserve
GBP GBP GBP GBP GBP
Balance at 30 June
2019 232,000 849,300 4,720 (657,450) 428,570
Total comprehensive
loss for the year - - - (219,371) (219,371)
Balance at 30 June
2020 232,000 849,300 4,720 (876,821) 209,199
Total comprehensive
loss for the period - - - (122,036) (122,036)
Balance at 31 December
2020 232,000 849,300 4,720 (998,857) 87,163
========= ========= ============ ========== ==========
MILA RESOURCES PLC
Statement of cash flow (Unaudited)
For the six months ended 31 December 2020
Six months 12 months
Six months to 31 December to 30
to 31 December June
2020 2019 2020
GBP GBP GBP
Cash flows from operating activities
Loss for the period (122,037) (50,504) (219,371)
Adjustments for:
Costs settled by the payment of - - -
shares / warrants
---------------- ----------------
Operating cashflow before working
capital movements (122,037) (50,504) (219,371)
Decrease / (increase) in trade
and other receivables 6,491 11,827 (6,063)
Increase / (decrease) in trade
and other payables 56,192 5,429 68,926
Interest income - - (849)
---------------- ---------------- ----------
Net cash flow from operating activities (59,354) (33,248) (157,357)
---------------- ---------------- ----------
Cash flow from investing activities
Loan to E-Tech 85,849 - (85,000)
Net cash flow from investing activities 85,849 - (85,000)
Net Increase / (decrease) in cash
and cash equivalents 26,495 (33,248) (242,357)
Cash and cash equivalents at beginning
of the period 186,316 428,673 428,673
Cash and cash equivalents at end
of the period 212,811 395,425 186,316
---------------- ---------------- ----------
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2020
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 2020 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 2020, 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 2020 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 2020.
3 Income tax expense
No tax is applicable to the Company for the six months ended 31
December 2020. 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 2020
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 (122,037) 23,200,000 (0.53)p
5 Share capital
Number
of shares Share Share
in issue capital premium Total
GBP GBP GBP
Balance at 30 June 2020 23,200,000 232,000 849,300 1,081,300
Movements during the period - - - -
Balance at 31 December 2020 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 2020 amounted to GBP30,356 (31 December 2019:
GBP24,000).
Shareholdings in the Company
Shares and warrants held by the Directors of the Company.
Shares Warrants
Mr Mark Stephenson 1,200,000 -
Balance at 31 December
2020 1,200,000 -
========== =========
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2020
7. Subsequent events
Convertible Loan Notes
In March 2021, the Company announced that it had raised
GBP350,000 through the issue of Convertible Loan Notes ("CLN") with
supportive shareholders.
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END
IR SDLEFFEFSESI
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