Business
Placing to raise US$3.6 million
Placing to raise US$3.6 million.
About this update from Harvest Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 4317F Harvest Minerals Limited 12 November 2015 \n\n \n \n12 November 2015\nHarvest Minerals Limited\n(\"Harvest Minerals\", \"HMI\" or the \"Company\")\n \nPlacing of New Ordinary Shares to raise gross proceeds of US$3.6 million\nHarvest Minerals (AIM: HMI, ASX HMI), is pleased to announce that it has conditionally placed 317,240,000 new ordinary shares of no par value in the share capital of HMI (the \"Placing Shares\") with certain new institutional shareholders to raise approximately US$3.6 million (approximately £2.4 million) before expenses at a price of 0.75 pence per ordinary share (the \"Placing\"). The Placing has been completed through the Company's broker, Mirabaud Securities LLP. \n \nAs part of the Placing, the Company has agreed to issue one warrant to subscribe for one new ordinary share for every two Placing Shares subscribed for by placees, each warrant exercisable at 0.88 pence per ordinary share at any time before 31 May 2017. \n \nThe net proceeds of the Placing will be substantially applied to the development of the Company's Arapua Fertilizer Project (\"Arapua\") as well as consideration of other opportunities and general working capital. The Company continues to progress exploration activities on its other assets, the Sergi Potash Project and the Capela Potash Project. \n \nFor further information on the Company's projects, please refer to the Company's AIM Admission Document and the Company's website: http://www.harvestminerals.net/.\n \n\nBrian McMaster, Executive Chairman of Harvest Minerals, commented: \n\"The Company is delighted to have closed this placement and to welcome high calibre institutional shareholders to the Company. Mirabaud has done a fantastic job advising the Company through its maiden London fundraising. This tranche of funds will enable the Company to substantially progress its business plan without being overly dilutive to existing shareholders at this time. The Company looks forward to providing further updates to Shareholders as matters progress in the coming months.\"\n \nEnquiries:\n\n\n\n\nHarvest Minerals Limited\n \n\n\nBrian McMaster, Chairman \n\n\nTel: +61 8 9200 1847\n \n\n\n\n\nStrand Hanson Limited (Nominated & Financial Adviser)\n\n\...