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Davenport Resources in trading halt ahead of capital raising news

The company’s vision is to develop potash projects in the South Harz district of Germany and become a major European supplier of potash and other speciality fertiliser ingredients.

Davenport Resources Ltd - Davenport Resources in trading halt ahead of capital raising news
Davenport holds potash project licences in Germany’s South Harz potash district.

Davenport Resources Ltd (ASX:DAV) has been granted a back-to-back trading halt by the ASX pending the release of news surrounding a capital raising.

The halt will remain in place until the beginning of ASX trade on Tuesday, December 1, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 5.8 cents and since closing at 4 cents on October 8 have traded up to 7.5 cents at the market close on October 21.

Nohra-Elende inferred resource

During the September quarter, Davenport released a JORC-compliant inferred resource at its Nohra-Elende Project in Germany, comprising 768 million tonnes at an average grade of 8.1% magnesium sulphate with intersections up to 20%.

Magnesium sulphate is contained within the mineral kieserite, of which 72 million tonnes has been identified.

The magnesium sulphate can be sold in a pure form, blended with potash (MOP) to produce value-added fertilisers or reacted with MOP to manufacture potassium sulphate (SOP).

Davenport has also been continuing discussions with potential investors and strategic partners to progress development of its project portfolio in South Harz, Germany.

Quick facts: Davenport Resources Ltd

Price: 0.063 AUD

ASX:DAV
Market: ASX
Market Cap: $26.66 m
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