PVR Providence Resources Plc

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   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. 
 
   SpotOn Energy Investment Update 
 
   Dublin and London -- 28 May 2020 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based resource development company ("Providence" or 
the "Company"), provides an update on the second tranche of the proposed 
investment in Providence by SpotOn Energy Limited ("SpotOn Energy"). 
 
   As announced on 6 April 2020, SpotOn Energy invested GBP300,000 into 
Providence as part of the recent $3.3 million fundraising and committed 
to invest a further GBP200,000 within six weeks of that announcement. 
 
   SpotOn Energy experienced some delays in closing out the necessary 
arrangements with its consortium because of current working and travel 
restrictions. However, the Company is pleased to confirm that is now in 
receipt of GBP200,000 in respect of the second tranche of SpotOn 
Energy's investment. 
 
   Providence Resources has therefore issued a total of 6,116,208 new 
Ordinary Shares (the "New Ordinary Shares") to Spoton Energy at an issue 
price of 3.27p per New Ordinary Share, the closing price on the London 
Stock Exchange on 21 May 2020, the date funds were originally expected 
to be received from SpotOn Energy. 
 
   Accordingly, application will be made to the London Stock Exchange and 
Euronext Dublin for the New Ordinary Shares to be admitted to trading on 
AIM and Euronext Growth. It is expected that admission to trading on 
each exchange ("Admission") will become effective and that dealings in 
the New Ordinary Shares will commence on AIM and Euronext Growth at 8.00 
a.m. on 4 June 2020. 
 
   The New Ordinary Shares will be issued and credited as fully paid and 
will rank in full for all dividends and other distributions declared, 
made or paid after the admission of those Ordinary Shares and will 
otherwise rank on Admission pari passu in all respects with each other 
and with the existing Ordinary Shares in the Company. The total issued 
share capital of the Company, as increased by the New Ordinary Shares, 
will be 841,514,060 Ordinary Shares. 
 
   Following this second tranche of the investment by SpotOn Energy it will 
become a substantial shareholder in Providence Resources owning 
26,116,208 Ordinary Shares, representing 3.1% of the enlarged issued 
share capital of the Company. 
 
 
 
 
INVESTOR ENQUIRIES 
--------------------------- 
Providence Resources P.l.c.  Tel: +353 1 219 4074 
Alan S Linn, 
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 
 
MEDIA ENQUIRIES 
--------------------------- 
Murray Consultants           Tel: +353 1 498 0300 / +35387 255 8300 
Pauline McAlester 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 28, 2020 11:29 ET (15:29 GMT)

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