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Harvest Minerals raises £9.7M, signs sales deal for Arapua fertilizer

Harvest Minerals Ltd. said June 11 that it raised about £9.7 million from a previously announced accelerated bookbuild of the company's shares.

The placement, which was oversubscribed, comprised 52,497,295 new ordinary shares at 18.5 pence apiece. The company planned to raise about £9 million initially.

Net proceeds from the offering will be used to support the continued development and expansion of the production facilities at Harvest's Arapua fertilizer project in Brazil, further strengthening the company's in-country sales and marketing team, and for general working capital.

Arden Partners Plc acted as sole bookrunner and was appointed as joint broker alongside Shard Capital Partners LLP.

In a separate same-day release, Harvest said a Brazil-based customer agreed to purchase an initial 50,000 tonnes of the KPfértil fertilizer produced at Arapua. The terms are consistent with previously reported sales.

Sales are expected to begin in September, or earlier at the company's election, and continue for 12 months.

In January, Harvest said it is expanding the operations at Arapua to an annual capacity of more than 320,000 tonnes.