11th Jun 2018 12:25
LONDON (Alliance News) - Harvest Minerals Ltd said Monday it intends to raise GBP9.0 million through a placing of shares at a price of no less than 18.5 pence per share.
Shares in the fertiliser producer were down 1.0% at 20.30 pence on Monday.
Proceeds will go towards further increase production at the company's Araqua Fertiliser Project, expand the company's sales and marketing activities and advance Harvest's additional assets in Brazil.
The placed shares will represent 27% of the enlarged share capital, and the placing will be conducted through an accelerated bookbuild, of which Arden Partners is acting as bookrunner.
Harvest Minerals Executive Chairman Brian McMaster purchased 4.2 million shares at a price of 18.5 pence per shares reflecting an investment of GBP770,000. Following the transaction, McMaster holds a total of 6.7 million shares in the company.
In addition, Harvest Minerals has signed a sales order for 50,000 tonnes of KPfertil from an unnamed Brazilian fertiliser producer.
"This latest sales order demonstrates the wider commercial potential of KPFértil; in that, it is going to be used as a key constituent of a blended product represents a new use for KPFértil and a new market opportunity for Harvest. Our focus during 2018 remains on sales and building Harvest into a profitable, cash-generative business," said Executive Chairman Brian McMaster.
Related Shares:
Harvest Mi (di)