Providence issues new shares as it draws a line under Apec deal

Exploration company Providence Resources has raised £300,000 (€332,000) in funding through the exercising of warrants issued in May.

The company issued new 10,666,667 new ordinary shares to the warrant holder. If the application to admit the shares to the London Stock Exchange and Euronext Dublin to trading on AIM and Euronext Growth is approved, dealings in the shares will commence on October 29th.

The company also said it had received official confirmation that the interest granted to Apec in the Standard Exploration Licence 1/11, which contains the Barryroe oil and gas field, had reverted to Exola.

Farm-in deal

The move draws a line under the doomed farm-in deal between Providence Resources and Apec, after the latter failed to come up with the necessary funds.

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Exola is a fully owned subsidiary of Providence Resources. It has an 80 per cent interest in the licence, with Lansdowne Celtic Sea, a fully owned subsidiary of Lansdowne Oil and Gas, owning the remaining 20 per cent.