REG - Harvest Minerals Ltd - Issue of Settlement Shares and TVR

Harvest MineralsAnnouncement

30/06/2025 14:15

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RNS Number : 0268P  Harvest Minerals Limited  30 June 2025

 

30 June 2025

Harvest Minerals Limited

("Harvest" or the "Company")

 

Issue of Settlement Shares and TVR

 

Harvest Minerals Limited, the AIM listed organic fertilizer producer, is
pleased to announce the settlement of c. £342,000 of director / company
secretary fees, through the issue of, in aggregate, 114,000,000 new ordinary
shares of no par value at a price of 0.3p ("Issue Price") (the "Equity
Issue"). The Equity Issue shares will be subject to a hard lock-in for six
months from the date of Admission. The Issue Price is the same as the price at
which the Company's fundraise as announced on 23 June 2025 was undertaken, and
approximately equal to the current market price.

 

Issue of Settlement Shares

 

The Equity Issue of 114,000,000 new Ordinary Shares is to three of the four
Board members, and to Palisade Business Consulting (which provides the Company
with accounting and company secretary services) as settlement for all fees
outstanding to the various parties up until 30 June 2025. As has been
previously disclosed, Jack James is a director and shareholder of Palisade
Business Consulting:

 

 Party                               Fees Owed (£)   No. of Settlement Shares issued
 Brian McMaster                      132,000         44,000,000
 Luis Azevedo                        120,000         40,000,000
 Jack James                          29,594          9,864,667
 Palisade Business Consulting (PBC)  60,406          20,135,333
 Total                               342,000         114,000,000

 

 

Following the issue of the Settlement Shares, the Directors holdings will be
as below:

 

                                               Shareholdings
 Director              Position                Current     Settlement Shares  Holding on Admission  % on

                                               Holding                                              Admission
 Brian McMaster        Executive Chairman      35,842,996  44,000,000         79,842,996            15.9%
 Luis Azevedo          Non-Executive Director  17,645,135  40,000,000         57,645,135            11.5%
 Jack James, inc. PBC  Non-Executive Director  13,135,200  30,000,000         43,135,200            8.6%

 

Related Party Transaction

The issue of the Settlement Shares constitutes a related party transaction
under AIM Rule 13 of the AIM Rules for Companies. Alex Penha, as the
independent director of the Company for the purposes of this transaction,
considers, having consulted with the Company's Nominated Adviser, that the
terms of the issue of the Settlement Shares are fair and reasonable insofar as
the Company's shareholders are concerned.

 Application to trading on AIM

 

The Equity Issue is conditional on Admission.  Application will be made to
the London Stock Exchange for the 114,000,000 new Ordinary Shares to be
admitted to trading on AIM. It is expected that Admission will become
effective and that dealings in the new Ordinary Shares will commence at 8.00
a.m. on 4 July 2025 ("Admission").

 

Total Voting Rights

 

Following the Equity Issue, the total issued share capital of the Company will
consist of 503,169,217 Ordinary Shares with voting rights.  The Company does
not hold any Ordinary Shares in treasury and accordingly there are no voting
rights in respect of any treasury shares.

 

On Admission, the abovementioned figure of 503,169,217 Ordinary Shares 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 to their interest in, Harvest under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.

 

Enquiries:

 Harvest Minerals Limited                                   Brian McMaster (Chairman)  Tel: +44 (0) 203 940 6625

 Strand Hanson Limited (Nominated & Financial Adviser)      Ritchie Balmer             Tel: +44 (0) 20 7409 3494

                                                            James Spinney

 Tavira Financial                                           Jonathan Evans             Tel: +44 (0) 20 3192 1733

 (Broker)

 

 

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