Business
Exercise of Warrants, Issue of Warrants and TVR
Exercise of Warrants, Issue of Warrants and TVR.
About this update from Harvest Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 9189V Harvest Minerals Limited 03 February 2017 \n\n3 February 2017\nHarvest Minerals Limited \n(\"Harvest\" or the \"Company\")\n \nExercise of Warrants, Issue of Warrants and TVR\nHarvest Minerals Limited (\"Harvest\" or the \"Company\") announces that it has received notice from Edwards Family Holdings Ltd (\"EFH\") for the exercise of its entire holding of 11,020,500 warrants over ordinary shares of no par value in the capital of the Company (\"Ordinary Shares\") (\"Warrants\") (the \"Warrant Exercise\"). All the Warrants exercised had an exercise price of 8.8 pence per Warrant and were issued to EFH as part of the placing announced by the Company on 12 November 2016. Accordingly, 11,020,500 new Ordinary Shares have been issued to EFH. \nThe Warrant Exercise will result in a gross cash inflow to the Company of approximately £970,000, which will be included in the Company's treasury.\nApplication has been made for admission of these 11,020,500 new Ordinary Shares to trading on AIM (\"Admission\") and it is expected that Admission will take place at 8.00 a.m. on 9 February 2017.\nFollowing Admission, EFH will be interested in 33,061,500 Ordinary Shares, representing approximately 28.4 percentage of the Company's issued share capital as enlarged by the Warrant Exercise. \n \nIssue of New Warrants and Related Party Transaction\nThe Company has issued, subject to approval by Shareholders (other than EFH), 2,755,125 new warrants to EFH, exercisable at 14.0 pence per Ordinary Share at any time before 31 December 2019 (\"New Warrants\"). The Company intends to convene the necessary shareholder meeting to approve the issue of the New Warrants shortly and will notify shareholders accordingly.\nFollowing the Warrant Exercise and, assuming the issue of the New Warrants is approved, the Company will have a total of 3,518,125 warrants in issue.\nAs a result of the size of EFH's shareholding in the Company, it is deemed a related party of the Company under the AIM Rules for Companies. The issue of the New Warrants to EFH is therefore classified as a related party transaction. The Directors consider, having consulted with Strand Hanson, the Company's Nominated Adviser, that the issue of the New Warrants is fair and reasonable insofar as Shareholders are concerned.\n \n \nTotal Voting Rights\nFollo...