Providence Resources to raise €65 million through placing and open offer

Shares in the exploration group resumed trading in London and Dublin today

22nd June, 2016
Providence chief executive Tony O'Reilly

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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