Providence Resources, the Irish based energy company, has announced details of a Fundraising to raise approximately US$1.8 million (before expenses) through the issue of Placing Securities and Subscription Securities (each of which shall comprise one New Ordinary Share and one STG1.5p Warrant) at a price of STG£0.015 each to be completed by way of an accelerated bookbuild process which was managed by J&E Davy, the Company’s broker.
The Bookbuild has been completed and the Company has, conditionally, raised gross proceeds of $1.8 million (equivalent to approximately STG£1.5 million) through the subscription for 45,312,316 Placing Securities and 51,686,693 Subscription Securities.
The Fundraising is required to address the Company’s near-term working capital requirements as well as to pursue its Lease Undertaking application for Barryroe. Providence continues to press the DECC for consent to its Barryroe lease undertaking application. In addition, some of the proceeds will be used to progress preparation for an appraisal well in 2023, subject to award of the Lease Undertaking.
KeyFacts Energy: Providence Resources Ireland country profile