PROVIDENCE RES. Result Of Extraordinary General Meeting
30 September 2019 - 7:37PM
UK Regulatory
TIDMPVR
For Immediate Release
THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS RESTRICTED, AND IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, SWITZERLAND
OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL
NOT CONSTITUTE, OR FORM THE BASIS OF AN OFFER TO SELL OR ISSUE OR THE
SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY
NEW OR EXISTING ORDINARY SHARES OF PROVIDENCE RESOURCES PLC IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL
Providence Resources P.l.c.
Result of Extraordinary General Meeting
Dublin and London -- September 30, 2019 - On September 12, 2019,
Providence Resources P.l.c., ("Providence" or the "Company") the Irish
Energy Company, whose shares are quoted in London (AIM) and Dublin
(Euronext Growth Market), announced a conditional placing (the "Placing
Offer") of 59,765,890 new ordinary shares (the "Placing Shares") to
institutional and other investors (the "Placees") at a price of GBP0.051
(equivalent to approximately US$0.063) per Placing Share (the "Placing
Price") (the "Placing").
The Company is pleased to announce that, at its Extraordinary General
Meeting held earlier today, the Resolution set out in the Circular dated
September 12, 2019 reducing the nominal value of each existing ordinary
share in the Company to EUR0.001 (from EUR0.1) was duly passed.
Accordingly, and subject to Admission becoming effective, the Company
has therefore raised aggregate gross proceeds of approximately US$3.76
million through the Placing.
Application has been made for the Placing Shares to be admitted to
trading on AIM and ESM ("Admission"). It is expected that Admission will
occur at 8.00 a.m. on October 1, 2019. Following Admission, the Placing
Shares will rank pari passu in all respects with the existing ordinary
shares in issue including the right to receive all dividends or other
distributions declared, made or paid after the date of their issue.
Following Admission, the Company's total issued and voting share capital
will comprise 657,424,848 ordinary shares of EUR0.001 each. This figure
may be used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their interest
in, or a change to their interest in, securities of the Company under
the FCA's Disclosure and Transparency Rules.
Update on receipt of APEC Loan Amount
On June 5, 2019, the Company announced that it had agreed certain
amendments to the Farm-Out Agreement (the "Updated FOA") for the
Barryroe Project with APEC Energy Enterprises Limited ("APEC") and,
together with EXOLA and Lansdowne, the "Barryroe Partners", including a
revised backstop date with APEC for receipt by the Company of the US$ 9
million loan advance to June 14, 2019, which was subsequently extended
through various extensions to September 30, 2019. As at the time of the
issuance of this announcement, no funds had been received in the
Company's account. Noting that the extension runs to the close of
business today, the Company will issue a further announcement updating
on the status of the APEC Loan Amount.
INVESTOR ENQUIRIES
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive Officer
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
Mirabaud Securities Limited Tel: + 44 20 3167 7221
Peter Krens
MEDIA ENQUIRIES
--------------------------------------
Powerscourt Tel: +44 207 250 1446
Peter Ogden
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Actual
results may differ materially from those projected or implied in such
forward-looking statements. Such forward-looking information involves
risks and uncertainties that could significantly affect expected
results. No representation is made that any of those statements or
forecasts will come to pass or that any forecast results will be
achieved. You are cautioned not to place any reliance on such statements
or forecasts. Those forward-looking and other statements speak only as
at the date of this announcement. Providence Resources P.l.c undertakes
no obligation to update any forward-looking statements.
ABOUT PROVIDENCE RESOURCES PLC
Providence Resources is an Irish based Oil & Gas Energy Company with a
portfolio of appraisal and exploration assets located offshore Ireland.
Providence's shares are quoted on the AIM in London and the Euronext
Growth Market in Dublin. Further information on Providence can be found
on
https://www.globenewswire.com/Tracker?data=WWg3qW86zKM6alez6-MKEu50788ym83_a-QPrCqONthLZnx32AgpHE0zG7oGSMby8Vy8hfx-0osaeNCZ4WenXV5nzBUSg6Nkz_T_p-Af6kdBmMP5JNhywpZdl9htpivF
www.providenceresources.com
ABOUT APEC ENERGY ENTERPRISE LIMITED
APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong
registered company with headquarters in Beijing. In addition to its
original focus on offshore oil & gas services, APEC provides upstream
energy acquisition advice and management services in partnership with
Chinese Oil Companies, offshore and onshore service providers, and SOE
investment groups.
https://www.globenewswire.com/Tracker?data=WWg3qW86zKM6alez6-MKEjVqgMGg32GRGqZIFyiDNbRSt9ao0iz16KQpryALCiv9xu-ZPTEoqwtY3vFW4BPATegXRPdgBBOPWbOwk4i4ZIM=
www.apecenergy.com.
ABOUT LANSDOWNE OIL & GAS PLC
Lansdowne Oil & Gas is a North Celtic Sea focussed oil and gas
exploration company quoted on the AIM market and headquartered in
Dublin. Lansdowne holds acreage in the north Celtic Sea Basin, Ireland.
For more information on Lansdowne, please refer to
https://www.globenewswire.com/Tracker?data=WWg3qW86zKM6alez6-MKElxjCFU7KG75ctLDSlPJCH4ylVYsk4807rW-pxV8_l8Nd2Y0-sAhAzMgaBRyui4XOhTaK7RIc6H11nDRmoqcYSr0bl0IK7NUFYhyZMvMrCgR
www.lansdowneoilandgas.com
(END) Dow Jones Newswires
September 30, 2019 05:37 ET (09:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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