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29 Jan 2016 09:10
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 standby arrangements
|
|
|
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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