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Parkway Minerals NL’s spun-out Davenport Resources raises successfully

Parkway Minerals NL’s (ASX:PWN) spun-out Davenport Resources has successfully completed a capital raising of $5 million as part of Davenport’s initial public offering (IPO).
Parkway Minerals NL’s spun-out Davenport Resources raises successfully
Parkway Minerals NL’s spun-out Davenport Resources raises successfully

Parkway Minerals sold its interest in the South Harz potash project located in Germany to Davenport during 2015 in exchange for Davenport shares.

Parkway Minerals will own 26% of Davenport upon listing on the ASX and Davenport will now move towards allotting the shares, which is planned for 30 December 2016.

Patrick McManus, managing director, commented: “Davenport will be focused on the significant opportunity presented by the Küllstedt and Gråfentonna Exploration Licences in the long-established South Harz potash field in Thuringen, Central Germany.”

Davenport will be commencing work on key programs, immediately upon listing.

These will include:

- Evaluation of substantial amount of historical exploration data on the Gråfentonna licence, expected to take 3 months; and
- Drilling on identified targets on the Küllstedt license, expected to commence in the second quarter of 2017 and take circa six months.

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