Parkway Minerals (ASX:PWN) (formally Potash West) has updated the timetable on the upcoming Davenport Resources (ASX:DAV) initial public offer (IPO) which is now set to close on 16 December, 2016.
Davenport Resources will look to raise $6 million and be focusing on its South Harz potash project in Germany and high potential Southern Cross Bore iron-oxide copper gold project in the Northern Territory.
Davenport is a spin-off from Parkway Minerals, who sold its interest in the South Harz project to Davenport during 2015 in exchange for Davenport shares.
The company will own 19.2 million shares of Davenport, 26.1% of the company at the minimum raising.
Patrick McManus, managing director, commented: “Investment in Davenport Resources is a rare opportunity to participate in early stage exploration on an established potash producing field in Europe.
“The planned work programmes should allow a rapid and low cost route to a JORC compliant potash resource.
“Full details are on the company website: www.davenportresources.com.au I encourage you to investigate further.”
The updated indicative timeline is as follows:
- 16 December, 2016: Offer Closes 5PM AEST;
- 30 December, 2016: Allotment of shares;
- 3 January, 2017: Dispatch of holding statement; and
- 10 January, 2017: ASX listing and trading commences (subject to ASX approval).