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
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