Providence Resources secures $3.76m lifeline ahead of Dublin meeting
Oil and gas explorer Providence Resources has secured a $3.76m (€3.43m) financial lifeline just hours ahead of its annual general meeting in Dublin.
The company has been forced to slash operations while it waits for a long delayed $9m cheque from Chinese investor Apec.
On Thursday, Providence announced that it has conditionally raised approximately $3.76m through the proposed issue of 59,765,890 new ordinary shares to institutional and other investors at a price of £0.051, a discount of approximately 7.3pc to the closing price on Tuesday.
Without the new money, the company’s ability to continue as a "going concern will be compromised."
Shareholders must accept the new deal at an extraordinary general meeting called for September 30.