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TURNSTONE RESOURCES LTD Capital/Financing Update 2018
65958_rns_2018-09-05_215c71e0-35e0-4f1f-982b-3b7a11e3ec81.pdf
Capital/Financing Update
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6th September 2018
DAVENPORT
RESOURCES
COMPANY DETAILS Davenport Resources Limited ABN: 64 153 414 852 ASX CODE: DAV
PRINCIPAL AND REGISTERED OFFICE (& Postal Address)
Davenport Resources Limited Level 28. 303 Collins Street Melbourne VIC 3000
W: www.davenportresources.com.au E: [email protected] $P: +61(0)$ 415 065 280
Capital Structure
139.3M Ordinary shares 6.2M Unlisted options 6.2M Performance Rights
BOARD OF DIRECTORS
Patrick McManus (Non-Executive Chairman) Dr Chris Gilchrist (Managing Director) Chris Bain (Executive Director) Rory Luff (Non-Executive Director)
Davenport Appoints Bacchus Capital Advisers
Davenport Resources (ASX: DAV) ("Davenport", "The Company"), is pleased to announce the appointment of London-based Bacchus Capital Advisers Limited ("Bacchus") for the provision of strategic, financial and corporate advisory services.
Davenport has noted a recent increase in interest from European investors as it progresses its plans to develop a significant potash business in Germany's South Harz Basin. The Company believes the appointment of Bacchus will assist in harnessing that interest and further demonstrating the value of its South Harz project.
Under the agreement executed with Davenport, Bacchus will take responsibility for facilitating various activities and/or transactions contemplated by the Company during the next 18-24 months and act as its corporate adviser.
Davenport Managing Director Dr Chris Gilchrist said: "The Company is progressing very well in increasing its understanding of the scale and quality of the South Harz project in central Germany. The large amount of exploration data available is providing a very low-cost and quick route to establishing substantial resources, which will in turn allow us to advance rapidly to feasibility studies.
"The Board is delighted to have engaged such a high-calibre advisory team as Bacchus and we regard their willingness to work with us as a firm endorsement of our potash assets and the quality of our Board and management team. Together, we intend to significantly increase our marketing efforts within Europe in support of planned, higher level technical and economic investigations within our license areas in the South Harz District."
Bacchus Managing Director and Co-Founder, Paul Cahill said: "Davenport has assembled an enviable land position in central Germany which hosts substantial potash resources. Our decision to act as the Company's strategic and corporate adviser is based on our strong belief in the Davenport Board and management team and the Company's potential to deliver significant value to its shareholders".
About Bacchus
Bacchus is an independent merchant and advisory boutique which specialises in the metals and mining sector and was established in 2017 by Peter Bacchus, former Global Head of Mining & Metals at Morgan Stanley. It brings together senior professionals from the investment banking and natural resources sectors and is experienced in providing resources companies with strategic, tactical and M&A advice as well as assistance with raising capital and the introduction of partners.
About Davenport
Davenport is an ASX listed potash developer with a large land-holding in the South Harz region of Thuringen, in Central Germany. The South Harz region has been a major potash producer for over 100 years. Holding over 600km2 of mining and exploration licences, the Company is in the process of delineating a large resource and establishing a major potash mine.
INVESTOR & MEDIA ENQUIRIES
Dr Chris Gilchrist - Managing Director Davenport Resources Ltd +353 41 988 3409 +353 87 687 9886 [email protected]
Paul Cahill - Managing Director Bacchus Capital Advisers Ltd +44 (0) 203 848 1643 [email protected] Luke Forrestal - Senior Account Director Media & Capital Partners +61 (0) 411 479 144 [email protected]