Aim-listed Harvest Minerals on Monday launched an accelerated bookbuild to raise about £9-million.
The gross proceeds of the placing, if fully subscribed, will be substantially applied to the development of production expansion at the Arapua fertiliser project, in Brazil, and product marketing, as well as for general working capital requirements.
Harvest’s board believes the placing will accelerate the scaling up of the Arapua operation and drive sales growth through investing in marketing.
Further, the company on Monday also announced that it had signed another major sales contract for 50 000 t of KPfértil with a natural organic fertiliser producer in Brazil.
This follows on the announcement, in March, that it had signed a sales contract with Agrocerrado Produtos Agrícolas e Assistência Técnica for 36 000 t of KPfértil at a sale price of about $53/t.