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Davenport raises A$5M under Australian IPO

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Davenport raises A$5M under Australian IPO

Davenport Resources Ltd. has raised the minimum A$5 million under its IPO and is on track for listing on the ASX on Jan. 10, 2017, according to a Dec. 22 statement.

The company will focus on the exploration of Parkway Minerals NL's Küllstedt and Gråfentonna licenses, part of the South Harz potash project in Germany.

The project was vended into Davenport following the merger of Melbourne, Australia-based East Exploration Pty. Ltd., a unit of Perth, Australia-based Parkway Minerals, formerly Potash West NL, and Davenport Resources Ltd., a unit of Melbourne-based Arunta Resources Ltd.

Davenport will undertake the evaluation of historical exploration data on the Gråfentonna license, which is expected to take around three months, and drilling on the Küllstedt license, which will begin in the second quarter of 2017 and will take about six months.

Parkway Minerals will own 26% of Davenport once it lists on the ASX.