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TURNSTONE RESOURCES LTD — Capital/Financing Update 2020
Apr 13, 2020
65958_rns_2020-04-13_1ff64bdc-dc64-4292-8882-4fcc8a04d6ad.pdf
Capital/Financing Update
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April 2020
Davenport Resources Ltd
ASX Announcement 14 April 2020
COMPANY DETAILS
Davenport Resources Limited ABN : 64 153 414 852 ASX CODE: DAV ASX CODE (Options): DAVO FRANKFURT CODE: A2DWXX
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Davenport completes Placement at 33% premium
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Davenport completes Share Placement to sophisticated investors at 5 cents per share ~33% premium on DAV’s last traded price.
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The raising was supported by major shareholders and Directors, whose participation will be subject to shareholder approval.
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Placement to raise $420,000 before costs.
PRINCIPAL AND REGISTERED OFFICE
(& Postal Address) Davenport Resources Limited Level 1, 675 Murray Street, West Perth WA 6005 PO Box 1088 West Perth WA 6872
W: www.davenportresources.com.au E: [email protected] P: +61 (08) 9481 0389
Capital Structure
166.8 M Ordinary Shares 10.5 M Unlisted Options 46.2 M Listed Options 9.1M Performance Rights
BOARD OF DIRECTORS Patrick McManus
(Non-Executive Chairman) Dr Chris Gilchrist (Managing Director) Rory Luff (Non-Executive Director)
Dr Reinout Koopmans (Non-Executive Director) Hansjörg Plaggemars (Non-Executive Director)
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Funds allow Davenport to continue project development discussions for its large inventory of European potash deposits.
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Davenport plans to upgrade Ohmgebirge scoping study to feasibility study.
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Positive technical scoping studies for three of four potential potash projects completed.
Davenport Resources Ltd (ASX: DAV, “ Davenport ”, “ The Company ”) is pleased to announce it has received firm commitments from sophisticated investors for a placement of 8.4 million shares at 5 cents per share – representing a 33% premium to Davenport’s last traded price of 3.5 cents per share on 6 April 2020 and a 22% premium to the 10-day VWAP.
The placement will raise $420,000 before costs. As part of the Placement, Davenport will issue one option for every two shares issued. The options will have an exercise price of 7.5 cents and an expiry date of 31 July 2023. The shares and options will be issued under the Company’s ASX LR 7.1 capacity. Directors plan to participate, subject to shareholder approval.
Davenport MD Dr Chris Gilchrist commented: “ This raising, to a private company, existing shareholders and Directors, is intended for Davenport to continue engagement with potential partners to develop its world-class potash deposits. We have very cost effectively built Western Europe’s largest inventory of potash and already demonstrated through technical scoping studies the technical and economic viability for three of our four potential projects.”
April 2020
Davenport Resources Ltd
Background
Davenport has built a portfolio of at least four standalone potash projects in the South Harz region of Germany (www.davenportresources.com.au). It is in discussions with potential partners, with a first step of upgrading the scoping studies to feasibility studies commencing in 2020, primarily for the Ohmgebirge Development.
Davenport has signed non-disclosure agreements with several parties for this endeavour and continues discussions with potential partners and a UK-based broker and advisory firm remotely due to COVID-19 travel restrictions. Davenport will provide updates on these discussions when any outcomes are reached.
This announcement has been authorised by the Board of Directors of the Company.
Dr Chris Gilchrist
Managing Director
INVESTOR & MEDIA ENQUIRIES
Dr Chris Gilchrist - Managing Director Nathan Ryan Davenport Resources Ltd NWR Communications +353 41 988 3409 +61 420 582 887 [email protected] [email protected]
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