Parkway Minerals (ASX: PWN) Raises $500,000 to support Davenport Resources

Parkway Minerals has completed and raised $500000 via a private placement of approximately 50 million shares at $0.01 each. There are two tranches to the placement. The first will see 50 million shares issued at the end of June 2018, which does not require shareholder approval. The second will see approximately 50 million options issued subject to shareholder approval following an August meeting. Each share will have an attached free option. The options are will be issued subject to shareholders approval and will be exercisable at $0.02 and expire after two years from the date of approval.

Parkway Minerals will use the funds to participate in a placement by Davenport Resources. Davenport is a mineral exploration company is having success at its South Harz potash project in Germany. They recently raised $2.1m, and Parkway has been allocated 7.1 million shares and will hold 32% of Davenports issues shares following the transaction. Parkway supports Davenports plans to use funds to fast-track the conversion of significant drilling information to a JORC compliant resource and to identify further drill targets and help Davenport establish Europe’s largest undeveloped potato inventory.

About Parkway Minerals (ASX: PWN)

Focused on fertiliser feedstocks, both potash and phosphates. Projects are large, promising long-term supply within regions that are currently importing their fertiliser needs. The company has exploration assets at different stages of maturity, from early stage to feasibility, and an active programme to develop them. Parkway has cash plus shares valued at $4M.

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