Harvest Minerals Limited Exercise of Warrants, Issue of Warrants and TVR (9189V)
February 03 2017 - 2:00AM
UK Regulatory
TIDMHMI
RNS Number : 9189V
Harvest Minerals Limited
03 February 2017
3 February 2017
Harvest Minerals Limited
("Harvest" or the "Company")
Exercise of Warrants, Issue of Warrants and TVR
Harvest 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.
The Warrant Exercise will result in a gross cash inflow to the
Company of approximately GBP970,000, which will be included in the
Company's treasury.
Application 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.
Following 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.
Issue of New Warrants and Related Party Transaction
The 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.
Following 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.
As 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.
Total Voting Rights
Following Admission, there will be a total of 116,508,589
Ordinary Shares in issue. The Company holds no shares in treasury.
Shareholders should therefore use the figure of 116,508,589 as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company, under the FCA's Disclosure and
Transparency Rules.
Commenting on the update, Executive Chairman of Harvest, Brian
McMaster stated:
"Harvest made significant progress last year, surpassing all our
stated objectives including commencing trial mining and signing a
LOI with a major offtake partner. This has been recognised by our
major shareholder and its decision to exercise all of its warrants,
not only endorses our ongoing strategy but allows us to strengthen
our balance sheet."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Harvest Minerals Brian McMaster, Tel: +44 20
Limited Chairman 7495 4323
---------------------- ------------------ ------------
Strand Hanson Rory Murphy Tel: +44 20
Limited (Nominated James Spinney 7409 3494
& Financial Adviser) Ritchie Balmer
---------------------- ------------------ ------------
Mirabaud Securities Rory Scott Tel: +44 20
LLP (Joint Broker) 7878 3360
---------------------- ------------------ ------------
Beaufort Securities Jon Bellis Tel: +44 20
Ltd 7382 8300
(Joint Broker)
---------------------- ------------------ ------------
Whitman-Howard Grant Barker Tel: +44 20
Ltd 7659 1225
---------------------- ------------------ ------------
Buchanan Bobby Morse Tel: +44 20
(Financial PR) Anna Michniewicz 7466 5000
---------------------- ------------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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