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Position in Universe 1894th / 1948

Harvest Minerals Ltd - 31 December 2015 - Quarterly Activities Report

Fri 29th January, 2016 9:10am
RNS Number : 4329N
Harvest Minerals Limited
29 January 2016

29 January 2016

Harvest Minerals Limited

31 December 2015 - Quarterly Activities Report

Harvest Minerals Limited ('the Company') is pleased to provide a summary of its activities for the quarter ended 31 December 2015.

ACQUISITION OF THE MANDACARU PHOSPHATE PROJECT

On 21 December 2015, the Company announced that it has been awarded two exploration licences covering the Mandacaru Phosphate Project (Mandacaru) located in Ceara State, Brazil. The Mandacaru assets compliment Harvest's portfolio in Brazil which includes the Arapua fertilizer project (Minas Gerais State), the Sergi Potash Project and the Capela Potash Project (both Sergipe State).

Historical exploration activities conducted over the property include ground radiometric survey, mapping, surface rock sampling, trenching and a 2,141 metre diamond drilling programme from 31 holes of diamond drilling.

CORPORATE MATTERS

Director Appointment

On 6 October 2015, Mr Frank Moxon joined the Board of the Company.

Consolidation of Securities

The listed and unlisted share capital of the Company was consolidated on a one (1) for ten (10) basis as approved by shareholders at the General Meeting of shareholders held on 17 December 2015.

Placement

During the quarter, the Company completed a placement with new institutional shareholders to raise approximately US$3.6 million (approximately 2.4 million) before expenses at a price of 7.5 pence (post consolidation) per ordinary share (the Placing). The Placing was done through the Company's broker, Mirabaud Securities LLP.

As part of the Placing, the Company also issued one unlisted option to subscribe for one new share for every two Placing shares subscribed for by placees, each option exercisable at 8.8 pence per ordinary share at any time before 31 May 2017.

Unlisted Option Expiry

6,000,000 unlisted options exercisable at $0.05 expired on 31 December 2015.

Enquiries:

Harvest Minerals Limited

Brian McMaster, Chairman

Tel: +61 8 9200 1847

Strand Hanson Limited (Nominated & Financial Adviser)

Rory Murphy

James Spinney

Ritchie Balmer

Tel: +44 20 7409 3494

Mirabaud Securities LLP (Broker)

Rory Scott

Tel: + 44 (0) 20 7878 3360

APPENDIX 1: HARVEST MINERALS TENEMENT SCHEDULE

Tenement

Location

Interest at Beginning of Quarter

Interest at End of Quarter

Acquired During the Quarter

Disposed of During the Quarter

Capela Potash Project

878.107/2015

878.108/2015

878.109/2015

Brazil

51%

51%

-

-

Arapua Fertilizer Project

832.447/2009

832.448/2009

832.451/2009

831.144/2010

831.145/2010

831.146/2010

831.275/2010

Brazil

100%

100%

-

-

Sergi Potash Project

878.111/2008

878.045/2009

878.079/2015

878.080/2015

878.087/2015

Brazil

100%

100%

-

-

Mandacaru Project

800.122/2015

800.651/2015

Brazil

-

100%

100%

-

Summary of Exploration and Evaluation Expenditure Incurred per Project:

Project

Current Quarter Payments

$A'000

Capela Project

2

Arapua Fertilizer Project

82

Sergi Potash Project

19

Total

103

Appendix 5B

Mining exploration entity quarterly report

Name of entity

Harvest Minerals Limited

ABN

Quarter ended ("current quarter")

12 143 303 388

31 December 2015

Consolidated statement of cash flows

Cash flows related to operating activities

Current quarter

$A'000

Year to date

6 Months

$A'000

1.1

Receipts from product sales and related debtors

1.2

Payments for

(a) exploration and evaluation

(b) development

(c) production

(d) administration

(103)

(742)

(295)

(1,385)

1.3

Dividends received

1.4

Interest and other items of a similar nature received

1

4

1.5

Interest and other costs of finance paid

1.6

Income taxes paid

1.7

Other

Net Operating Cash Flows

(844)

(1,676)

Cash flows related to investing activities

1.8

Payment for purchases of:

(a)prospects

(b)equity investments

(c) other fixed assets

1.9

Proceeds from sale of:

(a)prospects

(b)equity investments

(c)other fixed assets

1.10

Loans to other entities

1.11

Loans repaid by other entities

1.12

Other (provide details if material)

Net investing cash flows

-

-

1.13

Total operating and investing cash flows (carried forward)

(844)

(1,676)


1.13

Total operating and investing cash flows (brought forward)

(844)

(1,676)

Cash flows related to financing activities

1.14

Proceeds from issues of shares, options, etc. net of costs

4,039

4,351

1.15

Proceeds from sale of forfeited shares

1.16

Proceeds from borrowings

1.17

Repayment of borrowings

1.18

Dividends paid

1.19

Other (provide details if material)

- Fundraising (costs)

(241)

(297)

Net financing cash flows

3,798

4,054

Net increase (decrease) in cash held

2,954

2,378

1.20

Cash at beginning of quarter/year to date

999

1,538

1.21

Exchange rate adjustments to item 1.20

(43)

(6)

1.22

Cash at end of quarter

3,910

3,910

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

Current quarter

$A'000

1.23

Aggregate amount of payments to the parties included in item 1.2

$115k

1.24

Aggregate amount of loans to the parties included in item 1.10

-

1.25

Explanation necessary for an understanding of the transactions

Payment for Directors consulting fees and Directors fees - $83k

Payments for serviced office, accounting and administrative services in Brazil - $32k

Non-cash financing and investing activities

2.1

Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

-

2.2

Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

-

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount available

$A'000

Amount used

$A'000

3.1

Loan facilities

3.2

Credit standbyarrangements

Estimated cash outflows for next quarter

$A'000

4.1

Exploration and evaluation

285

4.2

Development

-

4.3

Production

-

4.4

Administration

425

Total

710

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Current quarter

$A'000

Previous quarter

$A'000

5.1

Cash on hand and at bank

3,910

999

5.2

Deposits at call

-

-

5.3

Bank overdraft

-

-

5.4

Other (provide details)

-

-

Total: cash at end of quarter (item 1.22)

3,910

999

Changes in interests in mining tenements

Tenement reference

Nature of interest

(note (2))

Interest at beginning of quarter

Interest at end of quarter

6.1

Interests in mining tenements relinquished, reduced or lapsed

6.2

Interests in mining tenements acquired or increased

Mandacaru Phosphate

Project Brazil

800.122/2015

800.651/2015

Acquisition

-

100%

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Total number

Number quoted

Issue price per security (see note 3) (cents)

Amount paid up per security (see note 3) (cents)

7.1

Preference +securities (description)

7.2

Changes during quarter

(a) Increases through issues

(b) Decreases through returns of capital, buy-backs, redemptions

7.3

+Ordinary securities

82,249,193

82,249,193

7.4

Changes during quarter

(a) Increases through issues:

- Part consideration for the purchase of Sergi Project

- Issue as approved at the General Meeting held on 17/12/15

(b) Decreases through returns of capital, buy-backs:

- Consolidation of Capital on a 1:10 basis

6,000,000

(post-consol)

26,082,000

(post-consol)

(741,242,473)

6,000,000

(post-consol)

26,082,000

(post-consol)

(741,242,473)

7.5

+Convertible debt securities (description)

7.6

Changes during quarter

(a) Increases through issues:

(b) Decreases through securities matured, converted

7.7

Options

Unlisted

13,041,000

951,720

Exercise price

8.8 pence

7.5 pence

Expiry date

31 May 2017

18 December 2020

7.8

Issued during quarter:

- Unlisted

13,041,000

(post-consol)

951,720

(post-consol)

8.8 pence

7.5 pence

31 May 2017

18 December 2020

7.9

Exercised during quarter

7.10

Expired during quarter:

- Unlisted

6,000,000

5 cents

31 December 2015

7.11

Debentures

(totals only)

7.12

Unsecured notes (totals only)

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act.

2 This statement does give a true and fair view of the matters disclosed.

Sign here: ...Jonathan Hart......................................... Date: 29 January 2016

(Company Secretary)

Notes

1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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