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Davenport Resources substantial holder Merchant Funds Management increases stake to 6.86%

The company has four separate potential projects that can be developed independently within its asset base, with several licence areas having a significant content of valuable sulphate and magnesium minerals.

Davenport Resources Ltd -
The company has recently completed a transformational A$10 million placement

Davenport Resources Ltd (ASX:DAV) substantial holder Merchant Funds Management Pty Ltd increased its stake in the company to 6.86% from 5.85%.

Following a series of on-market purchases between February 1-5, Merchant Funds Management now holds more than 27.62 million securities in DAV.

Second substantial holder purchase 

Another substantial holder, Delphi Unternehmensberatung AG, continues to demonstrate confidence in the company’s potash strategy by recently 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 increases the total number of securities held in the company to more than 33.861 million shares.

Transformational placement

The company 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.

Quick facts: Davenport Resources Ltd

Price: 0.105 AUD

ASX:DAV
Market: ASX
Market Cap: $44.43 m
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