Davenport Resources Ltd (ASX:DAV) (FRA:D86) substantial holder Delphi Unternehmensberatung AG continues to demonstrate confidence in the company’s potash mining strategy by increasing its stake in the company to 15.78%.
This is an increase from 9.15% following the purchase of more than 16.666 million shares and increasing the total number of securities held in the company to more than 33.861 million shares.
Transformational placement to advance potash projects
The company has recently completed a transformational A$10 million placement, putting it in a strong financial position to advance its portfolio of four standalone projects in the South Harz region of Germany with a combined 5.3 billion tonnes of potash resource, the largest potash resource in western Europe.
Davenport received firm commitments for the placement at an issue price of A$0.045 per share from a range of sophisticated and institutional investors, including existing shareholders, directors and new investors.
The funds raised will allow the company to move forward with a confirmatory drilling program at the Ohmgebirge Potash Project in Germany.
Chief executive officer Dr Chris Gilchrist said: “This capital raising is transformational for Davenport and we are delighted that this ambitious raising, representing the top end of the directors’ target of A$8-10 million, has been so overwhelmingly successful.”