Uncategorised Archives - Shard Capital Stockbrokers

Shard Capital and Sender International structure and issue Foreign Currency Convertible Bonds for Lancer Container Lines Ltd

Posted on 15th August 202222nd August 2022 by shardadmin

Shard Capital announces the issuance of a US$30 million Unsecured Foreign Currency Convertible Bonds (FCCB) for India listed Lancer Container Lines Ltd.

The FCCBs were fully subscribed by investors at the time of closing.

The structure, which offers a 5 year 0% term, is convertible by the bondholders into Lancer Container Lines Limited new issued ordinary shares at a fixed price per share at the option of the bondholder. The FCCBs are listed on the Luxembourg stock exchange.

Shard Capital Partners LLP acted as Lead Manager.

Sender International Ltd acted as structuring advisor.

Pillsbury Winthrop Shaw Pittman acted as legal counsel to Shard.

Chris Woods, Partner at Shard Capital commented, “We are delighted to be involved in assisting with the delivery of this transaction to the market and look forward to providing professional investors with execution, custody and trading services for the Lancer Container Lines Ltd foreign currency convertible bonds.”

Adrian Sender, Managing Director at Sender International commented, “This well-organised structure and transaction provides an excellent approach of leveraging the capital markets for raising funding and investing into Indian listed companies and we look forward to being involved in other similar transactions in the future.”

James Campbell, Partner at Pillsbury commented, “We have been pleased to act for Shard on this transaction and delighted that the issue was positively received by investors.”

Mr. Abdul Khalik Chataiwala, Chairman and Managing Director of Lancer Container Lines Ltd commented, “we are pleased to announce that Lancer Container Lines Ltd (LCL) has successfully placed and priced USD 30 Million of unsecured Foreign Currency Convertible Bonds (FCCB). The proceeds of which will be used for rapidly scaling and expanding our operational reach. This is LCL’s debut convertible bond issuance which demonstrates our ability to tap a diverse set of global investors and the confidence of the investor community in LCL and our strong business model.

LCL remain committed to achieving its goals and taking the appropriate steps in the direction of being one of the market leaders in the logistics sector “

For further information, please visit www.shardcapital.com or contact:

SEC Newgate UK ShardCapital@secnewgate.com

Elisabeth Cowell

Sally Walton

+44 (0) 7900 248 213

+44 (0) 7961 463 864

Note to Editors

Shard Capital is a leading, London headquartered wealth and asset manager. It also offers investment, dealing and capital markets services to private, corporate and institutional clients, supporting them to achieve a broad range of objectives through its highly tailored service. Shard Capital uses a range of platforms, markets or financial instruments to meet its clients’ needs.

In just 10 years, Shard Capital has grown organically to manage and administer more than £2bn of assets.

About Sender International

Sender International is a fast-growing boutique consulting firm in London.

Pillsbury Winthrop Shaw Pittman is a leading international law firm recognised as one of the most innovative law firms by Financial Times.

Privacy Notice

Posted on 29th July 2022 by shardadmin

Horizonte Minerals Plc – Vermelho Operational Update

Posted on 10th October 2018 by emmaedwards

Horizonte Minerals Plc, (AIM/TSX: HZM) (‘Horizonte’ or ‘the Company’) the multi-asset nickel development company focused in Brazil, is pleased to provide an update on its 100% owned, Vermelho nickel-cobalt project (‘Vermelho’ or ‘the Project’), located in the eastern part of the Carajás mining district.

Highlights

· Test-work is underway at SGS Lakefield, Canada, on Vermelho limonite samples, with the objective of producing high purity nickel and cobalt sulphate suitable for the Electric Vehicle (‘EV’) battery market;

· Initial tests show high nickel and cobalt extraction rates achieved on limonite samples;

· In addition, batch smelting test-work is being conducted on samples of transition and saprolite material from Vermelho at the KPM laboratory, Canada. This work aims to confirm its suitability to produce high grade ferro-nickel, which could potentially be treated at the Araguaia plant or a new standalone facility at Vermelho; and

· Environmental baseline data collection has re-commenced at Vermelho as part of advancing the permitting process.

Horizonte CEO, Jeremy Martin, commented:

“Horizonte is advancing its recently acquired Vermelho project, a scalable high-grade nickel deposit which has the potential to supply raw materials into the battery industry. Two parallel streams of test-work are currently underway.

“The first, testing the limonite ore’s suitability for production of high purity nickel and cobalt sulphate to supply EV markets. The second, testing the saprolite ore as a feed into the planned Rotary Kiln Electric Furnace (‘RKEF’) plant at Araguaia, or potentially into a standalone RKEF plant at Vermelho.

“This is an exciting time for Horizonte, as the Company aims to release its Feasibility Study results for Araguaia due imminently, and in parallel, advance its second asset, Vermelho. Horizonte is firmly on its pathway to become a multi-asset nickel development company. The nickel market remains strong, with robust demand and inventories continuing to fall.”

Vermelho nickel-cobalt project

The Vermelho nickel-cobalt project is located in the eastern part of the Carajás mining district in the state of Pará, Brazil, approximately 85km north west from the northern part of Horizonte’s Araguaia FeNi Project. The Carajás district is an established mining region with well-developed infrastructure, including: rail, roads and hydro-electric power. The Project was developed by Vale with the objective of becoming its principal nickel-cobalt operation. Extensive work was undertaken on the Project, which included drilling programmes totalling 152,000 metres, full scale pilot test work and detailed engineering studies. The Project was subsequently taken through a feasibility programme with Vale announcing a positive development decision in 2005. The Feasibility Study showed production capacity of 46,000 tons/annum (‘tpa’) of metallic nickel, and 2,500 tpa of metallic cobalt, with an expected commercial life of 40 years.

In May 2018, Horizonte announced an initial NI 43-101 Mineral Resource Estimate in the Measured and Indicated category which contained 167.8 million tonnes grading 1.01% nickel and 0.06% cobalt (at 0.9% nickel equivalent cut off). These resources categories are estimated to contain 1.68 million tonnes (3,700 million lbs) of nickel and 94,000 tonnes (207 million lbs) of cobalt.

The Mineral Resource Estimate places Vermelho as one of the largest, highest grade, undeveloped laterite nickel-cobalt resources globally.

SGS Lakefield leaching test-work

Samples of wet Vermelho limonitic laterite material totalling 150 kg were shipped to the laboratories of SGS Canada Inc. for test-work using high pressure leaching. The leaching is being carried out in a number of batches with a 20 litre autoclave; this is after first establishing conditions in two litre samples. The resulting leach solution will be neutralised with limestone, followed by mixed hydroxide precipitation with magnesium-oxide. Following a re-leach, a series of solvent extraction and ion exchange steps will be carried out prior to crystallisation of pure cobalt sulphate heptahydrate. The nickel sulphate solution is to be processed separately.

Kingston Process Metallurgy (KPM) Inc smelting test-work

Laboratory scale ferro-nickel smelting tests are being carried out on samples of Vermelho transition and saprolite material at the laboratories of KPM Inc. in Canada. Following the steps used in the standard RKEF process (same flow sheet as planned at Araguaia), the material will be dried and calcined prior to smelting in a laboratory furnace at approximately 1550˚C. By adjustment of the coal amounts for reduction, a range of typical ferro-nickel grades will be produced and submitted for further analysis.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

* * ENDS * *

For further information visit www.horizonteminerals.com or contact:

Horizonte Minerals plc
Jeremy Martin (CEO)	+44 (0) 20 7763 7157

Numis Securities Ltd (NOMAD & Joint Broker)
John Prior Paul Gillam	+44 (0) 207 260 1000

Shard Capital (Joint Broker)
Damon Heath Erik Woolgar	+44 (0) 20 7186 9952

Tavistock (Financial PR)
Emily Fenton Gareth Tredway	+44 (0) 20 7920 3150

About Horizonte Minerals:

Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil. The Company is developing the Araguaia project, as the next major ferro-nickel mine in Brazil, and the Vermelho nickel-cobalt project, with the aim of being able to supply nickel and cobalt to the EV battery market. Both projects are 100% owned.

Horizonte shareholders include: Teck Resources Limited, Canaccord Genuity Group, JP Morgan, Lombard Odier Asset Management (Europe) Limited, City Financial, Richard Griffiths and Glencore.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, the ability of the Company to complete the Acquisition as described herein, statements with respect to the potential of the Company’s current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the ability of the Company to complete the Placing as described herein, and the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: the inability of the Company to complete the Acquisition as described herein, exploration and mining risks, competition from competitors with greater capital; the Company’s lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company’s future payment obligations; potential disputes with respect to the Company’s title to, and the area of, its mining concessions; the Company’s dependence on its ability to obtain sufficient financing in the future; the Company’s dependence on its relationships with third parties; the Company’s joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company’s ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company’s plans to continue to develop its operations and new projects; the Company’s dependence on key personnel; possible conflicts of interest of directors and officers of the Company, the inability of the Company to complete the Placing on the terms as described herein, and various risks associated with the legal and regulatory framework within which the Company operates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Galileo Resources Plc – Holdings in Company

Posted on 21st September 201821st September 2018 by shardadmin

The Company have received a TR-1 which is set out, without amendment, below:

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Galileo Resources PLC
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Peel Hunt LLP
City and country of registered office (if applicable)			London, United Kingdom
4. Full name of shareholder(s) (if different from 3.)^v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached^vi:			19/09/2018
6. Date on which issuer notified (DD/MM/YYYY):			21/09/2018
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	12.83%	n/a		12.83%	39,081,822
Position of previous notification (if applicable)	13.12%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00B115T142		39,081,822		n/a			12.83%		n/a


SUBTOTAL 8. A		39,081,822					12.83%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights
n/a


			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights
n/a


					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii				x
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
n/a





10. In case of proxy voting, please identify:
Name of the proxy holder		n/a
The number and % of voting rights held		n/a
The date until which the voting rights will be held		n/a

11. Additional information^xvi
n/a

Place of completion	London
Date of completion	21/09/2018

END

Erris Resources plc – HMRC Approves EIS Status

Posted on 18th September 201820th September 2018 by shardadmin

Erris Resources plc, the European focused mineral exploration company with a portfolio of zinc and base metals projects in Ireland and gold projects in Sweden, announces that it has received notification from HM Revenue & Customs (‘HMRC’) that its Enterprise Investment Scheme (‘EIS’) status has been confirmed.

Any individual investors who invested in Erris Resources as part of the Initial Public Offering (‘IPO’) in December 2017 and wish to take advantage of the EIS tax relief benefits, should contact the Company, which will then apply to HMRC for a certificate on their behalf.

Please send your contact information to info@errisresources.com.

*ENDS*

Merlin Marr-Johnson	Erris Resources plc	+44 (0) 7803 712 280
David Hart/Liz Kirchner	Allenby Capital (Nominated Adviser)	+44 (0) 20 3328 5656
Erik Woolgar	Shard Capital (Joint Broker)	+44 (0) 20 7186 9952
Andy Thacker	Turner Pope Investments (TPI) Ltd (Joint Broker)	+44 (0) 20 3621 4120
Isabel de Salis/Gaby Jenner	St Brides Partners (Financial PR)	+44 (0) 20 7236 1177

Notes

Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European focused, discovery driven exploration company. Supported by Canadian mining majors, Osisko Gold Royalties, which has a 18.9% interest in the Company, and Centerra Gold KB Inc, a wholly owned subsidiary of TSX listed Centerra Gold Inc., the Company has an established portfolio of zinc assets in Ireland and gold projects in Sweden, which it is looking to further build on. Led by a highly qualified team with extensive corporate and sector experience, Erris Resources’ strategy is to create shareholder value through commercial discovery of base or precious metal assets in proven mineral districts and in favourable European jurisdictions.

Chagala Group Limited – Interim Results for the Six Months Ended 30 June 2018

Posted on 18th September 2018 by shardadmin

Chagala Group Limited, the London-listed investor in specialist services and facilities provider to the oil and gas industries in Kazakhstan (symbol: CGLO), is pleased to announce today its unaudited interim results for the six months ended 30 June 2018.

Financial Highlights:

In thousands of US Dollars

– Total revenue decreased to $8,343 (HY2017: $9,554)

– Operating Profit decreased to $1,450 (HY2017: $2,085)

– Profit before income tax decreased to $189 (HY2017: $1,619)

– Total Assets of $84,140 decreased from 31 December 2017 ($87,701)

Operational Highlights:

– Extended hotel agreement for long term accommodation in Uralsk with the KPO – one of the largest companies involved in the development of gas condensate fields in Kazakhstan.

– Extended lease agreement of the Sport Social Club with Shell for one more year.

– Awarded hotel agreement for crew members accommodation by Qazaq Air – one of the major airlines in Kazakhstan.

Svetlana Mendesh, Chief Financial Officer said:

With the threat of further sanctions to Russia and its consequences on the Kazakh economy, the first half of 2018 was challenging for Chagala and the country overall. The impact of numerous sanctions on neighboring countries, regional disputes and many other factors has affected through currency exchange rate charges into our financial figures, which have been perceptibly affected in terms, fundamentally, of profit. Nevertheless, our performance in HY 2018 and the stability of our performance continue to make Chagala Group a partner of choice for shareholders and clients.

For the next half of the year we are going to continue our strategy – to focus our energy on maximizing our ever-expanding potential and maintaining our cutting-edge competitive advantage.

The interim report is available for viewing at https://www.chagalagroup.com/investor-relations/financial-reports/

END

For additional information please contact the Chagala Group at:

Telephone: +7 727 355 04 84

Email: f.parrilla@chagalagroup.kz

VR Education Holdings plc – Interim Results

Posted on 18th September 2018 by shardadmin

VR Education (AIM: VRE; ESM: 6VR), a leading virtual reality (‘VR’) technology company focused on the education space, today announces its maiden interim results for the six months ended 30 June 2018 (the ‘Period’).

Financial Highlights

· Revenue up 30% to €300k (H1 2017: €230k).

· Revenue for the year expected to be heavily weighted towards H2 and the Group remains on track to meet its full year target.

· EBITDA loss of €1.2 million (H1 2017: loss of €0.1 million), in line with management expectations which includes legal and professional costs in relation to the IPO of €0.6m

· Loss before tax of €4.1 million (H1 2017: loss of €0.2 million), in line with management expectations, driven by the inclusion of the following items:

– A non-cash fair value loss arising on derivate financial liabilities of €2.6 million 1

– Extinguishment costs of €0.3 million 2

· Strong cash position at 30 June 2018 with net cash of €4.9 million.

· Loss per share for the period of €0.02 (H1 2017: €1.15).

1 arising from the conversion of convertible debt and preference shares to ordinary equity in Immersive VR Education Limited (“IVRE”) prior to the acquisition of IVRE by the Group.

2 comprising a non-cash element of €0.2 million arising from share warrants issued to debt and preference shareholders in IVRE on conversion and also €0.1 million cash contributions made by IVRE to debt and preference shareholders as part of the commercial agreements entered into on conversion.

Operational Highlights

· Successful placing to raise £6.0 million before expenses and admission to the AIM market of the London Stock Exchange and to the ESM market of the Irish Stock Exchange on 12 March 2018.

· Apollo 11 VR educational experience selected to be part of the launch collection for Oculus Go, Oculus’ new all-in-one VR headset.

· Team strengthened with the appointment of key strategic hires including a new Chief Technology Officer.

· Loren Carpenter, one of the founders of Pixar Animation Studios, appointed as an adviser.

Post Period End Highlights

·	Successful launch in August 2018 of Titanic VR, the Group’s highly anticipated immersive gaming experience, now available to purchase on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality.
·	Apollo 11 HD version to be released on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality in early Q4 2018.
·	Successful completion of the “1943: Berlin Blitz” experience in collaboration with BBC and nominated for best Linear Virtual Reality experience at the Venice Film Festival in September 2018.
·	The Group has put in place a cliff-edge bonus plan for executive directors with three components: – Operational Cash Breakeven – Total Revenue – Engage Revenue These targets have been put in place for the year ended 30 June 2019 and were set by the remuneration committee comprising two Non-Executive Directors.

David Whelan, CEO of VR Education, said: “The Board and I are delighted by the positive response to our successful admission to AIM and the ESM and the Group is pleased to report that further substantial operational progress since admission.

The Group has grown from 20 staff prior to admission to 31 staff at the interim reporting date. This includes a number of key strategic hires including our Chief Technical Officer. The Group is delighted with the dedicated and talented team that it has assembled.

The Group released a major update of ENGAGE Alpha on 30 July 2018 with significantly increased functionality. This introduced the web application, the user account system, a new avatar system among other major updates. This is a significant step towards the Group’s first full commercial release in Q4 2018.

The Group has successfully launched the full version of Titanic VR on Oculus, Steam and will soon launch across the US & EU PlayStation Network. This has been very well received and early sales figures look promising.

The Board would like to thank our new and existing shareholders for their support and the Group looks forward to capitalising on significant market opportunities over the coming months.“

Investor and Analyst Meeting

A meeting for analysts will be held at 10.45am today at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. A copy of the Interim Results presentation is available at the Company’s website, http://www.vreducationholdings.com

An audio webcast of the analysts’ meeting will be available after 12pm today:

http://webcasting.buchanan.uk.com/broadcast/5b6c04ac49f1e90e16902994

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

– Ends –

For further information, please contact:

VR Education Holdings plc

David Whelan, CEO

Sandra Whelan, COO

Tel: +353 87 665 6708

contact@vreducationholdings.com

Cairn Financial Advisers LLP (Nominated Adviser)

James Caithie / Liam Murray / Richard Nash

Tel: +44 (0) 20 7213 0880

Shard Capital Partners LLP (Joint Broker)

Damon Heath / Erik Woolgar

Tel: +44 (0) 20 7186 9952

Davy (Joint Broker & ESM Adviser)

Fergal Meegan / Ronan Veale / Barry Murphy

Tel: +353 1 679 7788

Buchanan (UK Financial PR)

Henry Harrison-Topham / Chris Lane / Tilly Abraham

Tel: +44 (0)20 7466 5000

VRE@buchanan.uk.com

Fuller Marketing (Irish Corporate PR)

Ruth Fuller / Sheila Kelleher

Tel: +353 87 981 3176

ruth@fullermarketing.ie

Notes to Editors

VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in Waterford, Ireland, dedicated to transforming the delivery methods of education and corporate training by utilising VR technologies to deliver fully immersive virtual learning experiences. The Group’s core focus is the development and commercialisation of its online virtual social learning and presentation platform called ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.

In addition to the ongoing development of the ENGAGE platform, the Group has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and the Titanic VR experience.

On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on the Enterprise Securities Market, a market regulated by Euronext Dublin.

For further information, please visit www.vreducationholdings.com.

Chief Executive’s Review

The Group is pleased to report this maiden set of interim results since VR Education was admitted to AIM and to the ESM and dealings in its ordinary shares commenced on 12 March 2018. The Group successfully raised £6.0 million before costs via an oversubscribed placing of 60,000,000 new ordinary shares at a price of 10 pence per share.

During the period, VR Education has successfully delivered on the operational milestones that were clearly set out at the time of the Group’s IPO, namely expanding the development and marketing team, completing projects with the BBC and Oxford University and releasing Part 2 of Titanic VR. The stated milestones for H2 2018, including the commercial release of ENGAGE with full payment capabilities, the progression of business development and marketing programmes for ENGAGE Enterprise and ENGAGE Education, and the release of the Group’s next VR Experience, are also all progressing to plan.

VR Education has a clear strategy to drive the future growth of the business. The Group’s main focus is the development and commercialisation of ENGAGE, its online virtual learning and corporate training platform, which provides an environment for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.

The Group plans to raise brand awareness by showcasing the ENGAGE platform and its capabilities at high profile tradeshows and conferences around the world, including a number of major education conferences in 2018/2019 including GESS Dubai, one of the largest educational events held annually in the UAE and the Schools and Academies Show in Birmingham, UK.

ENGAGE

The Group has already developed a functional test release of the ENGAGE platform and expects to complete the development of the first commercial phase of ENGAGE in 2018. During the Period, the Group has made significant progress in adding additional functionality including the web application, the user account system, and a new avatar system among other major updates.

In June 2018, the Group successfully recorded ten lectures with a range of senior professors from Oxford University. These are currently in production and will be released in Q4 2018 alongside the full commercial release of ENGAGE as a marketing tool to attract additional users to the platform.

Showcase experiences

In addition to developing ENGAGE, the Group creates showcase experiences not only to generate revenue but to also build up the Group’s VR asset base, which can be reused by external educators on the ENGAGE platform whilst improving the Group’s reputation and attracting developer talent.

At the end of the Period, the Group had built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and an early access version of the Group’s Titanic VR experience.

Apollo 11 VR continued to sell well during the interim period from 1 January 2018 to 30 June 2018 with increased revenue expected in H2 2018 with the upcoming release of Apollo 11 HD VR due for release in early Q4 2018. To 30 June 2018, Apollo 11 VR has been downloaded a total of 130,000 times.

Current trading and outlook

Since the Period end, VR Education has continued to make solid progress.

On 30 July 2018, the Group released a major update of ENGAGE Alpha with significantly increased functionality. This introduced the web application, the user account system, and a new avatar system among other major updates. This is a significant step towards full commercial release in Q4 2018.

The full version of Titanic VR was released on 16 August 2018 on Steam and Oculus and will launch soon on the PlayStation network in Europe and USA.

The Group successfully completed the “1943: Berlin Blitz” experience in collaboration with BBC and was nominated for best Linear Virtual Reality experience at the Venice Film Festival in September 2018.

VR Education’s entry to the AIM market and to the ESM is an exciting step as the Group progresses its growth strategy. The Board is focused on continued revenue growth and launching the full version of ENGAGE by the end of 2018, in line with market expectations.

David Whelan

Chief Executive Officer

18 September 2018

Financial Review

Revenue for the half year is up 30% on the prior half year from €230k to €300k, driven by the continued success of the Apollo 11 VR experience, revenue from the early access version of Titanic VR and revenue from the work completed for the BBC, “1943: Berlin Blitz”. This is in line with the expectations of the Group.

EBITDA loss was €1.2 million compared to a loss of €0.1 million in the prior year. This includes IPO-related legal and professional costs of €0.6 million.

Loss before tax, after a non-cash convertible debt conversion fair value loss of €2.6 million and associated conversion costs of €0.3 million, was a loss of €4.1 million, in line with management expectations, compared to a loss in the prior year of €0.1 million.

Operating cashflows after €0.2 million of capex were a net outflow of €1.3 million for the period. The current run-rate of staff costs and other ongoing costs is approximately €0.3 million per month.

At 30 June 2018, the Group has a strong cash position with a net cash position of €4.9 million.

Séamus Larrissey

Chief Financial Officer

18 September 2018

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2018

	Note	Unaudited Six months ended 30 June 2018 €	Unaudited Six months ended 30 June 2017 €
Continuing Operations

Revenue		300,110	230,420
Cost of Sales		(95,749)	(110,527)

Gross Profit		204,361	119,893


Administrative Expenses		(1,400,165)	(354,138)
Other Income		–	102,447

Operating Loss		(1,195,804)	(131,798)

Fair value (loss) / gain arising on derivatives
financial liabilities		(2,638,063)	–
Extinguishment Costs		(267,971)	–
Finance Costs		(29,086)	(24,574)

Loss before Income Tax		(4,130,924)	(156,372)

Income Tax Credit		–	1,101

Loss for the Year from continuing operations		(4,130,924)	(155,271)

Loss per share
Basic from continuing operations	5	(0.02)	(1.15)

Consolidated Statement of Financial Position

As at 30 June 2018

	Note	Unaudited as at 30 June 2018 €	Audited as at 31 December 2017 €
Non-Current Assets
Property, Plant & Equipment		68,116	–
Intangible Assets	3	612,421	–
		680,537	–

Current Assets
Trade and other receivables		128,108	18,750
Cash and short term deposit		4,932,981	6,250
		5,061,089	25,000

Total Assets		5,741,626	25,000

Equity and Liabilities

Equity Attributable to Shareholders
Issued share capital		193,136	–
Share premium		21,587,539	–
Merger reserve		(11,106,364)	–
Share options reserve	4	372,604	–
Retained earnings		(5,548,980)	–

Total Equity		5,497,935	–

Current Liabilities
Trade and other payables		243,691	–
Redeemable Shares		–	25,000

Total Liabilities		243,691	25,000

Total Equity and Liabilities		5,741,626	25,000

Consolidated Statement of Changes in Equity

At 30 June 2018

Attributable to Equity Shareholders
	Share Capital €	Share Premium €	Merger Reserve €	Share Option Reserve €	Retained Earnings €	Total €

Balance at 13 October 2017	–	–	–	–	–	–
Loss for the year	–	–	–	–	–	–
Balance at 31 December 2017	–	–	–	–	–	–

Attributable to Equity Shareholders
	Share Capital €	Share Premium €	Merger Reserve €	Share Option Reserve €	Retained Earnings €	Total €

Balance at 1 January 2018	–	–	–	–	–	–
Loss for the period	–	–	–	–	(4,130,924)	(4,130,924)
Issue of ordinary shares	193,136	21,587,539	–	–	–	21,780,675
Issue costs	–	–	–	–	(596,212)	(596,212)
Acquisition of subsidiary	–	–	(11,106,364)	20,180	(821,844)	(11,908,028)
Share option expense	–	–	–	352,424	–	352,424
Balance at 30 June 2018	193,136	21,587,539	(11,106,364)	372,604	(5,548,980)	5,497,935

Consolidated Statement of Cash Flows

For six month period ended 30 June 2018

	Unaudited Six months ended 30 June 2018 €	Audited Eighty day period ended 31 December 2017 €
Cash Flows from Operating Activities
Loss before income tax	(4,130,924)	–
Adjustments to reconcile loss before tax to net cash flows:		–
Depreciation	36,621	–
Fair value loss arising on derivative financial liabilities	2,638,063	–
Finance Costs	29,086	–
Non-cash element of advisor warrants	112,381	–
Non-cash element of investor warrants	174,651	–
Share Option Expense	14,902	–
Movement in redeemable shares	25,000	–
Movement in Trade & Other Receivables	110,207	(18,750)
Movement in Trade & Other Payables	(114,328)	18,750
	(1,104,341)	–
Bank interest & other charges paid	(29,086)	–

Net cash used in operating activities	(1,133,427)	–

Cash Flows from Investing Activities
Purchases of property, plant & equipment	(30,059)	–
Payments to develop Intangible Assets	(176,630)	–
Cash acquired on acquisition of subsidiary	86,801	–

Net cash used in investing activities	(119,888)	–

Cash Flows from Financing Activities
Proceeds from issuance of ordinary shares	6,180,046	–
Proceeds from issuance of redeemable shares	–	6,250

Net cash generated from financing activities	6,180,046	6,250

Net increase in cash and cash equivalents	4,926,731	6,250

Cash and cash equivalents at beginning of period	6,250	–

Cash and cash equivalents at the end of period	4,932,981	6,250

Notes to the Interim Report

1. Basis of Preparation

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union (“IFRS”) and expected to be effective at the year-end of 31 December 2018.

The accounting policies are unchanged from the financial statements for the year ended 31 December 2017. The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2017, prepared in accordance with IFRS, have been filed with the Companies Registration Office. The Auditors’ Report on these accounts was unqualified, did not include any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not contain any statements under section 498 of the Companies Act 2006.

The consolidated interim financial statements are for the 6 months to 30 June 2018.

The interim consolidated financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the group’s annual financial statements for the year ended 31 December 2017, which were prepared in accordance with IFRS’s as adopted by the European Union.

2. Summary of Significant Accounting Policies

New standards, interpretations and amendments adopted by the Company

The following standards and amendments have been adopted for the first time in these financial statements:

• IFRS 15 Revenue from Contracts with Customers.

• IAS 7 Disclosure Initiative (amendments)

• IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses (amendments)

• IFRS 9 – Financial Instruments

The Company has adopted IFRS 15 for the current year and applied it retrospectively for the preceding financial year in accordance with IFRS 15 C3(b) however no material adjustments were identified between the requirements of IFRS 15 and the methods applied by the Company in the application of IAS 18. There was no impact on the Company financial statements in respect of IAS 7, IAS 12 or IFRS 9.

Intangible Assets

Research costs are expensed as they are incurred. Development costs that are directly attributable to the design and testing of identifiable and unique commercial software controlled by the Company are recognised as intangible assets when the following criteria are met:

– it is technically feasible to complete the software product so that it will be available for use and sale;

– management intends to complete the software product and use or sell it;

– there is an ability to use or sell the software product;

– it can be demonstrated how the software product will generate future economic benefits;

– adequate technical, financial and other resources to complete the development and use or

– sell the software product are available; and

– the expenditure attributable to the software product during its development can be reliably

– measured.

Directly attributable costs that are capitalised as part of the software product include the software development employee costs and subcontracted development costs.

Other development expenditure that does not meet these criteria is recognised as an expense as incurred.

Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Computer software development costs recognised as assets are amortised over their estimated useful lives, which do not exceed 3 years and commences after the development is complete and the asset is available for use. Intangible assets are amortised over their estimated useful lives based on the pattern of consumption of the underlying economic benefits. Amortisation is included in cost of sales.

3. Intangible Assets

	Software in development Costs €	Total €
Cost or Valuation
At 13 October 2017 and at 1 January 2018	–	–
Acquisition of a subsidiary	504,487	504,487
Additions	107,934	107,934

At 30 June 2018	612,421	612,421


Amortisation
At 13 October 2017 and at 1 January 2018	–	–
Acquisition of a subsidiary	–	–
Charge	–	–

At 30 June 2018	–	–

At 31 December 2017	–	–
At 30 June 2018	612,421	612,421

The software being developed relates to the creation of a virtual reality experience, Titanic VR, which will be available for sale across all major VR capable platforms once completed.

An impairment review was carried out at the balance sheet date. No impairment arose.

4. Share Based Payments

Share-based payment schemes with employees

During the period ended 30 June 2018, VR Education Holdings plc introduced a share-based payment scheme for employee remuneration (“the 2018 Scheme”) to replace the scheme previously in operation within Immersive VR Education Limited (“the 2016 Scheme”). The 2018 Scheme and the 2016 schemes are classified equity settled share based payment plans. Recipients under the scheme are awarded options over ordinary shares of the Company.

On the 12 March 2018, the options under the 2016 Scheme were cancelled as part of the Capital Restructure and Listing process and replaced with options under the 2018 Scheme under the equivalent terms and conditions as the 2016 scheme, and a stock split which gave rise to the issue of 740 shares for every 1 share held. The options granted under the 2016 Scheme had vesting periods of up to 36 months. The replacement of the options did not give rise to any additional income statement expense in 2018.

There were 311,108 employee options granted during 2018 at an exercise price of €0.135 per share and these vest subject to continued service by the employee over a period of 3 years. Options expire at the end of a period of 7 years from the Grant Date or on the date on which the option holder ceases to be an employee.

Share-based payment expense with Director

On 12 March 2018, VR Education Holdings plc granted options to purchase 1m ordinary shares to Richard Cooper, the Chairman of the Company. The options vest if the market capitalisation of the Company equals 2.5 times the market capitalisation on admission to listing for a consecutive period of 30 days. Except in the event of a change in control (see below) the options, which are exercisable at a price of £0.0001, cannot be exercised for a period of two years and expire on 12 March 2023. The market capitalisation requirement is a “market condition” under IFRS 2 and the valuation of the option, which amounted to €0.668, takes this market condition into account.

In the event of a change in control, in the two years after admission to listing, the options are exercisable at prices ranging from £0.0001 to £0.10. The change in control scenarios gave rise to option values of €0.018 -€0.112.

The movement in employee share options and weighted average exercise prices are as follows for the reporting periods presented:

	2018 Scheme	2016 Scheme
	Half-Year 2018	Half-Year 2018	Half-Year 2017
At 1 January
Capital restructure and Listing process	–	4,208	–
Granted during period	3,113,920	(4,208)	–
At 30 June	1,311,108	–	2,977
	4,425,028	–	2,977

Options outstanding at 30 June
Number of shares	4,425,028	–	2,977
Weighted average remaining contractual life	4.25 years		4.8 years
Weighted average exercise price per share	€0.028		€19.21
Range of exercise price	€0.0001-€0.135		€19.21

Exercisable at 30 June
Number of shares	1,101,120		298
Weighted average exercise price per share	€0.026		€19.21

No options were exercised during the period. The weighted average exercise price of options granted during the period was €0.032 (2017: €19.21). The expense recognised in respect of employee share based payment expense and credited to the share based payment reserve in equity was €9,334 (2017: €8,506).

Advisor Warrants

As part of the listing process and as set out in the admission document, the Company issued warrants over 5,018,328 shares at an exercise price of £0.15, subject to expiry on various dates up to 12 March 2023. The warrants were valued under the Black Scholes model. The expense recognised during the period was €162,871 of which €112,381 was recognised in the income statement and €50,490 in equity.

Investor Warrants

As part of the arrangements for the listing process and as set out in the admission document, the Company issued warrants over 5,794,092 shares at an exercise price of £0.15, subject to expiry on 12 March 2023. The warrants were valued under the Black Scholes model. The expense of €174,651 was recognised in the income statement during the period.

The Company has measured the fair value of the services received as consideration for equity instruments of the Company, indirectly by reference to the fair value of the equity instruments. The table below sets out the options and warrants that were issued during the period and the principal assumptions used in the valuation.

	Employee	Director	Advisor	Investor
Number of options / warrants	311,108	1,000,000	5,018,328	5,794,092
Grant date	26 Apr 18	12 Mar 18	12 Mar 18	12 Mar 18
Vesting period	3 years	2 years	–	–
Share price at date of grant	£0.11	£0.10	£0.10	£0.10
Exercise price	€0.135	£0.001-£0.10	£0.15	£0.15
Volatility	57%	54.4-59.2%	54.4-57.3%	57.3%
Option life	7 years	5 years	22 months – 5 years	3 years
Dividend yield	0%	0%	0%	0%
Risk free investment rate	0.14%	0.5-1.16%	0.8-1.16%	0.87%
Fair value per option at grant date	€0.058	€0.018-€0.112	€0.018-€0.030	€0.030
Weighted average remaining contractual life in years	6.8	4.7	3.2	2.7

5. Loss per share

Loss attributable to equity holders of the Group:	Unaudited Six months ended 30 June 2018 €	Unaudited Six months ended 30 June 2017 €

Continuing Operations	(4,130,924)	(155,271)

Weighted average number of shares for Basic EPS	193,136,406	134,585


Basic loss per share from continuing operations	(0.02)	(1.15)

6. Business Combination

On 5 March 2018 at a general board meeting of the Company shareholders voted in favour of the following:

– Acquisition of Immersive VR Education Limited in a common control share-for-share transaction conditional upon admission of the Group on London’s AIM market and Dublin’s ESM market.

On 12 March 2018 the Company acquired Immersive VR Education Limited and contemporaneously listed on London’s AIM market and Dublin’s ESM market. As part of the Admission process, the Group raised £6 million before expenses, through an oversubscribed placing of 60,000,000 new ordinary shares at a placing price of 10p each.

Acquisition of Immersive VR Education Limited

Subsequent to shareholder approval noted above, on 12 March 2018 the Company entered into a share-for- share common control transaction with Immersive VR Education Limited (“IVRE”) for the acquisition of the entire share capital of IVRE.

Total Consideration	Shares
Shares issued	133,089,740

Recognised amounts of identifiable assets acquired and liabilities assumed based on Immersive VR Education Limited balance sheet as at 12 March 2018

	€
Non-current assets
Property, plant & equipment	51,796
Intangible assets	504,487
	556,283

Current assets
Trade & other receivables	198,645
Cash & cash equivalents	107,643
	306,288

Current Liabilities
Trade & other payables	515,273
	515,273

Fair value of total net assets	347,298

– ENDS –

Harvest Minerals Limited – Outstanding Results from Agronomic Tests of KPfértil on Grass

Posted on 17th September 2018 by shardadmin

Harvest Minerals Limited, the AIM listed fertiliser producer, has received outstanding results from recent agronomic studies testing KPfértil, its direct application natural fertiliser and remineraliser product, on Brachiara (or Signal grass).

Highlights

· Agronomic tests demonstrate that as a slow release source of potassium (‘K’) and phosphate (‘P’), KPfértil outperforms traditional Super Triple Phosphate (‘TSP’) fertilisers, increasing both plant growth (dry matter production) and yield (agronomic efficiency)

· The application of KPfértil improved the pH and nutrient content of the soil including potassium, phosphate, calcium (‘Ca’) and magnesium (‘Mg’).

· The study concluded there was a 53% increased concentration of phosphorus in the soil compared to using TSP meaning that KPfértil provided continued fertilisation for further crop cycles, highlighting the slow release, long term properties of KPfértil

· Signal grass is the most widely used grass for pasture in Brazil with over 40 million hectares planted

· Results create a significant new market opportunity for the Company which has already generated sales

· Tests were conducted by the Federal University of Uberlândia (‘UFU’), an institution approved by the Brazilian Ministry of Agriculture, Livestock and Supply (‘MAPA’).

Harvest’s Executive Chairman, Brian McMaster, said, “These results confirm the long term effectiveness of KPfértil as a remineraliser for grass pasture; opening up a huge market for us given that Brazil has over 40 million hectares of signal grass planted. Even though these tests were completed only recently, our sales team has already secured several small orders so that customers can begin to see the benefits for themselves. We expect this take-up rate to increase as we develop and implement our market strategies to the local graziers.”

To view the announcement with illustrative diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/8933A_1-2018-9-16.pdf

Further Information

The study was conducted by UFU, an institution approved by MAPA, to assess the effectiveness of using KPfértil as a soil remineraliser for Signal grass (Brachiaria) compared to traditional fertilisers. In particular, the tests examined the residual or slow release nature of KPfértil that enables plants to continue to receive essential nutrients over a longer period of time, thereby improving the effectiveness of the application.

The tests included measuring:

· the increase in plant growth (dry matter production)

· the amount (and accumulation of) nutrients including P, K, Ca and Mg in the leaves (aerial part of the plant)

· the nutrients available in the soil including, P, K, Ca and Mg

The study was conducted in sandy and clay rich soil that had been used in previous agronomic studies and is common to the areas occupied by our clients. This study compared a range of fertiliser options from a control dosage, containing no K and P, through to a high-end commercial fertiliser containing Muriate of Potash (‘K’) and TSP (considered the most effective source of P in the market). The study was carried out over two consecutive 40-day cycles with no additional fertiliser, including KPfértil, being applied following the initial dosage.

Results

Agronomic Efficiency Index

The study concluded that after the second cycle, the Agronomic Efficiency Index (‘AEI’), which records the increase in plant growth per unit of nutrient applied, values from KPfértil compared to TSP, were:

· Sandy soil – 627.7% (KPfértil powder) and 1,046% (KPfértil filler)

· Clay rich soil – 134.5% (powder) and 119.5% (filler)

This clearly demonstrates the strong slow release nature of KFfértil, which releases the P into the soil in a more gradual way, favouring its absorption by plants over time compared to TSP, making the filler over ten times as effective as TSP in sandy soil after 80 days.

Dry Matter Production

Treatment	Source		Dose K₂O	Dose P₂O₅	Clay Rich Soil	Sandy Soil
		——— mg kg^-1 ———			————– g ————
1	Control (without K and P)		0	0	8.73	8.98
2	MoP		80	—–	16.70	12.85
3	TSP		—–	253	13.74	9.02
4	MoP + TSP		80	253	16.30	17.21
5	KPfértil (filler)		20	63	8.61	11.63
6	KPfértil (filler)		40	127	13.27	12.59
7	KPfértil (filler)		80	253	14.71	14.62
8	KPfértil (filler)		160	507	18.22	15.52
9	KPfértil (powder)		20	63	11.90	9.73
10	KPfértil (powder)		40	127	12.22	10.89
11	KPfértil (powder)		80	253	15.47	10.66
12	KPfértil (powder)		160	507	17.87	15.66

After the second cycle, the Signal grass plants were submitted for biometric evaluation with the dry matter produced, being the weight of new plant growth less water content, being weighed (Table 2).

Table 2 – Dry matter production from 2 cycles of Signal grass plants

The Study concluded that, applying the same dose of P and K as KPfértil in the clay rich soil (T7 filler and T11 powder), produced 90.24% (T7 = 14.71g) and 94.90% (T11 = 15.47g) of the dry matter produced using conventional fertilisers (T4 = 16.30g).

Similarly, the Study concluded that applying the same dose of P and K as KPfértil in the sandy soil, (T7 filler and T11 powder) the green matter production reached 84.95% (T7 = 14.62g) and 61.94% (T11 = 10.66g), respectively, when compared with the conventional sources of P and K (T4 = 17.21g).

These results demonstrate that in like-for-like dosages, KPfértil will perform almost to the same standard as traditional fertilisers, and by applying slightly more KPfértil, the performances can be identical. The significance of these results is that, as KPfértil is substantially cheaper than the traditional sources, farmers can obtain a clear economic benefit from using KPfértil with no decrease in effectiveness. This benefit is further increased by the long term properties of KPfértil as KPfértil releases the nutrients slowly. As a result, it is expected that dry matter production would be better for KPfértil than traditional fertilisers over further cycles as shown by the residual levels of P in the soil.

Residual Effect of P in Soil

After the second cycle the nutrient levels in the soil were measured and it was observed that the P from the conventional TSP source was depleted in the soil, which slowed plant growth, while it was observed in the areas to which KPfértil was applied that the P wasn’t depleted and there was comparably improved plant development.

The study demonstrated that KPfértil is more efficient in raising P levels than both TSP and the complete MoP + TSP treatment (Table 03) with P levels from filler 53% higher than for MoP + TSP.

Treatment	Source		Dose P₂O₅		Clay Rich Soil	Sandy Soil
		mg kg^-1		————- P in mg dm^-3 ————
1	Control (without K and P)		0		2.90	2.17
2	MoP (conventional source of K)		—–		—–	—–
3	TSP (conventional source of P)		253		5.01	9.81
4	MoP + TSP		253		3.18	10.70
5	KPfértil (filler)		63		2.18	5.42
6	KPfértil (filler)		127		3.48	8.68
7	KPfértil (filler)		253		9.28	16.39
8	KPfértil (filler)		507		17.80	46.17
9	KPfértil (powder)		63		2.85	5.37
10	KPfértil (powder)		127		3.60	6.80
11	KPfértil (powder)		253		6.06	9.55
12	KPfértil (powder)		507		9.50	38.54

Table 3 – Residual Effect of P in soil after 2 cycles of Signal grass plants by treatment.

Next Steps

The results summarised above are the latest in a raft of good test results produced by KPfértil over the past 1-2 years. Going forward, we will be conducting a trial over two years demonstrating the long term benefit of replacing traditional fertiliser with KPfértil for Signal grass.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

*ENDS*

For further information please visit www.harvestminerals.net or contact:

Harvest Minerals Limited	Brian McMaster (Chairman)	Tel: +44 (0) 20 7317 6629

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

Arden Partners plc Joint Broker	Tim Dainton Paul Brotherhood Paul Shackleton	Tel: +44 (0) 20 7614 5900
Shard Capital Partners Joint Broker	Damon Heath	Tel: +44 (0) 20 7186 9900

St Brides Partners Ltd Financial PR	Isabel de Salis Gaby Jenner	Tel: +44 (0)20 7236 1177

Notes

Harvest Minerals (HMI.L) is a Brazilian focused fertiliser producer advancing the 100% owned Arapua Fertiliser Project, which produces KPfértil, a proven, multi-nutrient, slow release, organic, MAPA-certified remineraliser. KPfértil offers many economic and agronomic benefits and addresses the significant demand for locally produced fertiliser in Brazil, with its abundant agricultural land; currently, the country imports 90% of the potash it uses but has a target to be self-sufficient in fertilisers by 2020. Covering 14,946 hectares and located in the heart of the Brazilian agriculture belt in Minas Gerais, Arapua is a shallow, low cost mine with an indicated and inferred resource of 13.07Mt at 3.1% K₂O and 2.49% P₂O₅. This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent over 29 years’ production and the known mineralisation expected to support 100+ years’ production at 450,000 tonnes per annum.

Georgian Mining Corporation – Grant of Options to CEO and Director Shareholding

Posted on 2nd August 2018 by shardadmin

Georgian Mining Corporation announces that the Remuneration Committee has agreed to issue options over a total of 2 million ordinary shares of no par value in the capital of the Company (“Share Options”) to CEO, Mike Struthers. The Share Options will vest immediately and will expire on 26 July 2023. The exercise price of the options will be as follows:

Exercise price (£)	0.14	0.20
Number of options granted	1,000,000	1,000,000

The Share Options represent in aggregate 1.74% of the existing issued ordinary share capital of the Company.

Following the grant of the Share Options, in aggregate there will be 8,550,000 ordinary shares of no par value of the Company under option to directors and employees of the Company, representing 7.45% of the existing issued ordinary share capital of the Company.

The grant of the Share Options described in this announcement is a related party transaction for the purposes of Rule 13 of the AIM Rules. Neil O’Brien, Gregory Kuenzel, Laurence Mutch and Peter Damouni, being independent directors of Georgian Mining for the purposes of AIM Rule 13, consider, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the directors’ participation in the Placing.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1.

Details of the person discharging managerial responsibilities/person closely associated

Name:

Michael Struthers

2.

Reason for the notification

Position/status:

Chief Executive Officer

Initial notification/Amendment:

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Name:

Georgian Mining Corporation

LEI:

2138002IOR7OCZZPB279

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

Description of the financial instrument, type of instrument:

Identification code:

Share options over ordinary shares of no par value

VGG9688A1003

Nature of the transaction:

Grant of options over ordinary shares

Price(s) and volume(s):

Price(s)	Volume(s)
14 pence	1,000,000
20 pence	1,000,000

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)	Volume(s)
14 pence	1,000,000
20 pence	1,000,000

Date of the transaction:

2018-07-30

09:10 hrs BST

Place of the transaction:

Outside a trading venue

**ENDS**

For further information please visit www.georgianmining.com or contact:

Mike Struthers	Georgian Mining Corporation	Company	Tel: 020 7907 9327
Ewan Leggat	S. P. Angel Corporate Finance LLP	Nomad & Broker	Tel: 020 3470 0470
Soltan Tagiev	S. P. Angel Corporate Finance LLP	Nomad & Broker	Tel: 020 3470 0470
Damon Heath	Shard Capital Partners LLP	Joint Broker	Tel: 020 7186 9950
Camilla Horsfall	Blytheweigh	PR	Tel: 020 7138 3224
Simon Woods	Blytheweigh	PR	Tel: 020 7138 3204

About Georgian Mining Corporation

Georgian Mining Corporation has 50% ownership and operational control of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines. The Bolnisi licence covers an area of over 860 sq km and has a 30-year mining licence with a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which will advance to Feasibility Study in 2018. These projects are proximal to several advanced projects and existing mining operations owned by the Company’s joint venture partner, and their sister production company. Georgia has an established mining code and is a jurisdiction open to direct foreign investment.

END

Chesterfield Resources plc – Appointment of Executive Chairman

Posted on 27th July 2018 by shardadmin

Chesterfield Resources plc is pleased to announce the appointment of Martin French as Executive Chairman with effect from 26 July 2018. He succeeds Non-Executive Chairman Christopher Hall, who stepped-off the Board on the same date.

Martin French said “Chesterfield is a new and exciting project, with an unusually talented team. I am looking forward to representing our shareholders to run an efficient, expeditious and goal-oriented company. I would like to thank Christopher Hall warmly on behalf of everyone at Chesterfield for his contribution. We wish him well for the future.”

Martin French has over 30 years of experience in capital markets, investment banking and mining. He began his career at Merrill Lynch, and was country manager for Credit Lyonnais Securities Asia (CLSA) in various locations in Asia, before setting up its business in Latin America. He was also Managing Director of North River Resources plc from December 2012 until January 2015, and took its Namibia-based brownfield lead-zinc project through to bankable feasibility study and sourced a strategic funding partner. The project is now under construction.

Martin French is interested in 3,000,000 Ordinary Shares, representing 4.84% of the issued ordinary share capital of the Company, and 164,000 Series B Warrants and 1,000,000 Series C Warrants. In addition, upon his appointment as Executive Chairman, the Company has granted Martin 1,400,000 share options, exercisable for five years at an exercise price of 11.25p per share.

For further information, please visit http://www.chesterfieldresourcesplc.com or contact:

Chesterfield Resources plc:
Martin French, Executive Chairman	Tel: +44(0)7901 552277
Peter Damouni, Non-Executive Director	Tel: +44(0)7771 787788
Shard Capital (Broker):
Damon Heath	Tel: +44(0)20 7186 9952
Erik Woolgar	Tel: +44(0)20 7186 9964

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