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HMI Harvest Minerals Limited

1.475
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Harvest Minerals Limited LSE:HMI London Ordinary Share AU000XINEAB4 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.475 1.40 1.55 1.475 1.475 1.475 85,044 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec 8.63M 198k 0.0010 14.70 2.78M

Harvest Minerals Limited Issue of Performance Based Securities (8133D)

05/02/2018 7:00am

UK Regulatory


Harvest Minerals (LSE:HMI)
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TIDMHMI

RNS Number : 8133D

Harvest Minerals Limited

05 February 2018

Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining

5 February 2018

Harvest Minerals Limited

('Harvest' or the 'Company')

Issue of Performance Based Securities

Harvest Minerals, the AIM listed fertiliser development company, is pleased to announce that it has approved an incentivisation scheme for Executive Directors and Senior Management (together, 'Management').

Since the Company obtained its AIM quotation in September 2015, the Company's share price has experienced a significant increase which has been driven, amongst other things, by the significant operational milestones that have been achieved towards developing the Arapua multi-nutrient potash and phosphate direct application natural fertiliser ('DANF') project in Brazil, including:

-- Identification of a JORC Indicated and Inferred Resource of 13.07Mt at 3.1% K(2) O and 2.49% P(2) O(5)

o Results based on drilling just 6.7% of the known mineralisation

o Resource is equivalent over 29 years' production and known mineralisation expected to support 100+ years' production at 450,000 tonnes per annum

o Regional drilling programme confirming grade and thickness continuity

   --     Excellent results from various independent agronomic tests of its KPfértil DANF product 
   --     First sales with coffee growers, orchard and broad acre crop farmers 
   --     Modular processing plant fabricated and installed, completing low-cost production chain 
   --     Application made to MAPA to register KPfértil as a mineraliser product 

There is no incentive scheme currently in place for Management and therefore in order to further improve the alignment of the interests of Management with those of the Company's shareholders, the Non-Executive Directors have resolved to issue the following performance based securities ('Performance Shares'):

 
 Name              Position              Number of Performance 
                                          Shares to be granted 
----------------  --------------------  ---------------------- 
 Brian McMaster    Executive Chairman          2,000,000 
----------------  --------------------  ---------------------- 
 Luiz Azevedo      Executive Director          2,000,000 
----------------  --------------------  ---------------------- 
                   Chief Operating 
 Mark Heyhoe        Officer                    1,000,000 
----------------  --------------------  ---------------------- 
 Luis Clerot       Project Manager             1,000,000 
----------------  --------------------  ---------------------- 
 

The Performance Shares will be issued for nil consideration in four equal tranches, subject to the achievement of the following performance conditions:

 
 Tranche   Performance Condition 
--------  --------------------------------------- 
    1      Milestones achieved in the period from 
            September 2015 to December 2017 
--------  --------------------------------------- 
    2      Receipt of MAPA certification 
--------  --------------------------------------- 
    3      Total sales of 30,000 tonnes or more 
--------  --------------------------------------- 
    4      Receipt of full mining licence 
--------  --------------------------------------- 
 

As the performance condition for the issue of the Tranche 1 Performance Shares has been met, the Company has issued, in aggregate, 1.5 million new Ordinary Shares to Management as follows:

 
 Name              Number of Tranche   Resultant Ordinary 
                     1 Performance        Share holding 
                     Shares issued       in the Company 
----------------  ------------------  ------------------- 
 Brian McMaster         500,000            2,080,834 
----------------  ------------------  ------------------- 
 Luiz Azevedo           500,000             510,000 
----------------  ------------------  ------------------- 
 Mark Heyhoe            250,000             250,000 
----------------  ------------------  ------------------- 
 Luis Clerot            250,000             250,000 
----------------  ------------------  ------------------- 
 

Related Party Transaction

The issue of the Performance Shares to Management is deemed a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors independent of the award of the Performance Shares (being the Non-Executive Directors of the Company) consider, having consulted with the Company's nominated adviser, that the terms of the award are fair and reasonable insofar as Shareholders of the Company are concerned.

Admission to Trading and Total Voting Rights

The Tranche 1 Performance Shares rank pari passu with the Company's existing Ordinary Shares. Application has been made for the Tranche 1 Performance Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings in the Tranche 1 Performance Shares will commence on or around 8 February 2018.

Following the issue of the Tranche 1 Performance Shares, the total issued share capital of the Company consists of 130,338,589 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 130,338,589 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

ENDS

For further information please visit www.harvestminerals.net or contact:

 
 Harvest Minerals          Brian McMaster    Tel: +44 (0) 
  Limited                   (Chairman)        20 7317 6629 
 
 Strand Hanson Limited     James Spinney     Tel: +44 (0)20 
  (Nominated & Financial    Ritchie Balmer    7409 3494 
  Adviser) 
 
 Shard Capital Partners    Damon Heath       Tel: +44 (0) 
  (Joint Broker)                              20 7186 9900 
 
 Beaufort Securities       Jon Belliss       Tel: +44 (0)20 
  Ltd                                         7382 8300 
  (Joint Broker) 
 
 St Brides Partners        Isabel de Salis   Tel: +44 (0)20 
  Ltd                       Gaby Jenner       7236 1177 
 

Notes:

Harvest Minerals (HMI.L) is a Brazilian focused fertiliser producer advancing the 100% owned Arapua Fertiliser Project, which produces KPfértil, a proven, multi-nutrient, slow release, organic fertiliser and remineraliser. KPfértil offers many economic and agronomic benefits and addresses the significant demand for locally produced fertiliser in Brazil, with its abundant agricultural land; currently, the country imports 90% of the potash it uses but has a target to be self-sufficient in fertilisers by 2020. Covering 14,946 hectares and located in the heart of the Brazilian agriculture belt in Minas Gerais, Arapua is a shallow, low cost mine with an indicated and inferred resource of 13.07Mt at 3.1% K(2) O and 2.49% P(2) O(5) . This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent over 29 years' production and the known mineralisation expected to support 100+ years' production at 450,000 tonnes per annum.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGMGGZDZDGRZM

(END) Dow Jones Newswires

February 05, 2018 02:00 ET (07:00 GMT)

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