Harvest Minerals completes first placing and sales, touts "robust order book".
Fertiliser development company Harvest Minerals said it has completed a placing to support the building of the sales pipeline at its Arapua fertiliser project in Brazil while simultaneously touting a "robust order book".
The placing, according to the company, totalled £1.2m at 10p per share with first sales having been achieved before obtaining its remineraliser registration with customers such as coffee growers, orchard and broad acre crop farmers.
Harvest also described its order book, made up of 20 direct consumers, distributers, blenders and co-operatives, as "robust" and said the number and size of orders was expected to increase upong registration of KPfertil as a remineraliser by the Brazilian Ministry of Agriculture (MAPA), Livestock and Supply - which was expected at the end of the fourth quarter.
For his part, Harvest's executive chairman, Brian McMaster, said: "Completing the first sales of KPfértil prior to the certification by MAPA, is a testament to the market's recognition of its capabilities.
"The sales team in Brazil has been working hard to develop multiple sales channels and that hard work is now generating returns.
"There may be additional sales ahead of certification but it is anticipated that the bulk of our robust potential order book, currently standing at over 20 independent farmers and corporations, will cross the line quickly after certification", said McMaster.