- Potash explorers Davenport Resources (DAV) has entered two trading halts ahead of an upcoming capital raise
- Currently, it is unclear how much the company is aiming to raise and what for
- Company shares will be paused until Tuesday, December 1, or when more information about the raise is released to the market
- Davenport has potash licences in Germany’s South Harz district
- On the market, Davenport last traded at 5.8 cents on October 2
Davenport Resources (DAV) has entered back-to-back trading halts ahead of an upcoming capital raise.
The company has so far given no details about how much they are raising and where the money will be spent.
The trading halts mean company shares will be paused until Tuesday, December 1, or when more details about the capital raise are released to the market.
Davenport aims to be Western Europe’s largest potash inventory. Through its German subsidiary, Südharz Kali GmbH, it holds potash project licences in the South Harz potash district.
The South Harz districit is located in the heart of Germany and was one of the world’s most important Muriate of Potash (MOP) producing regions.
Davenport’s South Harz project portfolio includes three potash mining licences and two potash exploration licences, covering 659 square kilometres.
For the September quarter, the company spent $433,000 on operating activities and ended the period with $502,000 in the bank.
Additionally, Davenport appointed Ian Farmer as the new Non-Executive Chairman. Previously, Ian was the CEO of platinum miner Lonmin, where he triggered significant transformation in the business’ operations and finance sectors.
On the market, Davenport last traded at 5.8 cents on October 24.