Issue of Performance Shares

RNS Number : 9099O

Harvest Minerals Limited

23 May 2018

 

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

23 May 2018

Harvest Minerals Limited

('Harvest' or the 'Company')

Issue of Performance Shares

As announced on 5 February 2018, the Company has put in place an incentive scheme for Executive Directors and Senior Management (together, "Management").  The Tranche 3 performance condition has now been achieved, being total sales of 30,000 tonnes or more.  As such, the Company has issued, in aggregate, 1.5 million new Ordinary Shares to Management (the "Tranche 3 Performance Shares") as follows:

Name	Number of Tranche 3 Performance Shares issued	Resultant Ordinary Share holding in the Company
Brian McMaster	500,000	2,580,834
Luiz Azevedo	500,000	1,010,000
Mark Heyhoe	250,000	500,000
Luis Clerot	250,000	500,000

Admission to Trading and Total Voting Rights

The above shares rank pari passu with the Company's existing Ordinary Shares.  Application has been made for these Shares to be admitted to trading on AIM ('Admission').  It is expected that Admission will become effective and dealings in these Shares will commence on or around 24 May 2018.

Following the issue of the Tranche 3 Performance Shares, the total issued share capital of the Company consists of 131,838,589 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 131,838,589 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 Limited	Brian McMaster (Chairman)	Tel: [phone]
Strand Hanson Limited (Nominated & Financial Adviser)	James Spinney Ritchie Balmer	Tel: [phone]
Shard Capital Partners (Broker)	Damon Heath	Tel: [phone]
St Brides Partners Ltd (Financial PR)	Isabel de Salis Gaby Jenner	Tel: [phone]

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% K₂O and 2.49% P₂O₅.  This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent to over 29 years' production and the known mineralisation expected to support 100+ years' production at 450,000 tonnes per annum. 

 

END

 

 

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