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Davenport Resources' ASX debut held up again

Davenport Resources Ltd..'s planned ASX listing has been pushed into 2017 after the Australian Securities and Investments Commission, or ASIC, placed an interim stop order on the replacement prospectus over certain concerns.

The Australian potash hopeful on Dec. 2 said in a second supplementary prospectus aimed at addressing the regulator's concerns that it now expects to list on Jan. 10, 2017.

Davenport was originally aiming to make its ASX debut Oct. 27 but was forced to delay its listing until Dec. 14 following a request for additional historical accounting information from ASIC.

ASIC subsequently raised concerns over a Nov. 18 email from Davenport to subscribers of Australian share trading forum Hot Copper pointing to an independent research report on the company and its Küllstedt license in Germany.

Davenport said it has not adopted or endorsed the research report and expressly denies and negates any suggestion of implicitly adopting or endorsing the report.

"In particular, as described in the replacement prospectus, the company has not reported and is not in a position to report a JORC-compliant inferred resource or any other resource or reserve," Davenport said.

As a result of the interim stop order, the company must return the money received from 59 applications for a total of 4,565,700 shares.

Davenport is aiming to raise between A$5 million and A$6 million from its IPO, and after refunding the cash for the 59 applications, will have raised only about A$2.2 million.

The offer is scheduled to close Dec. 16.