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.
Providence said the funds raised would be used to fund the company's share of payments arising from recent litigation with drilling firm Transocean, to repay $20 million of debt to US-based Melody Finance, to strengthen its financial position and...
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