Providence Resources to raise €65 million through placing and open offer
Shares in the exploration group resumed trading in London and Dublin today
Providence Resources has announced plans to raise around $73 million (€65 million) through a placing and open offer and said it would use the funds to pay off debt, settle litigation and fund a new drilling campaign.
Theexploration company will offer the new shares to institutional investors and qualifying shareholders on the basis of one new share for every 4.4 shares held. The placing, aimed at raising around $68.4 million, will be done ...
