14th Mar 2016 17:40
LONDON (Alliance News) - Harvest Minerals Ltd said on Monday its pretax loss widened for the first half of its financial year, as both legal fees and consulting and directors' fees came in higher than the previous year.
Harvest Minerals, which was admitted to AIM in early September, posted a pretax loss of USD1.5 million for the six months to December 31, compared to the same period the previous year when pretax loss was USD370,082.
This was due to reduced revenue, at USD4,329, down from USD10,690 the previous year, as well as increased fees, including USD296,482 in legal fees and USD706,095 in consulting and directors' fees. Both were materially lower at the end of 2014, at USD8,574 and USD169,565 respectively.
Harvest Minerals added that it completed a share placement in January, raising approximately USD828,681 before expenses. As part of the placement, Harvest Minerals also issued one unlisted option to subscribe for one new share for every two placement shares subscribed for by placees, each option exercisable at 8.80 pence per ordinary share at any time before May 31, 2017.
Shares in Harvest Minerals closed untraded on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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