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Davenport to make ASX debut Jan. 20

Australian potash hopeful Davenport Resources Ltd. will begin trading on the ASX on Jan. 20, under the symbol DAV.

The company said Jan. 19 that it received strong support for its IPO, which raised about A$5 million, at a difficult time of the year.

Davenport has been trying to list since late last year, expecting to first hit the boards of the ASX on Oct. 27, 2016.

However, its ambitions of becoming an ASX-listed explorer were delayed due to the Australian Securities and Investments Commission requesting additional historical accounting information and raising concerns over information provided by Davenport to subscribers of Australian share trading forum Hot Copper.

Davenport has now completed the transaction to acquire East Exploration Pty. Ltd. and is ready to begin work immediately on its South Harz licenses in Germany.

The company plans to submit a formal work plan to the state mining authorities for approval to drill test part of the identified exploration target on the Küllstedt license.

Davenport will also evaluate the database of historic drilling information for the Gräfentonna license, which includes detailed records of potash intersections, to determine an exploration target.