Providence Resources Forum

Since we can't raise the funds until after the egm at the end of March, doesn't that mean that if we don't farmout b,roe by then we will probably have another fund raise within a couple of months of each other to pay for sp pt.

As far as I can make out this placing is useless other than to cover the loan facility. It is not enough to fund spanish point drilling etc. So the only thing it does is provide cover for the loan. The reason the placing is a month away I would expect is that it is a few days after Sequa have to put up or walk away. If they walk away then they have cover for the loan and can survive until another bid comes in or Sequa get the cash in which case they can cancel the shares as will have cash from the deal.

i dont see point in emailing abuse. gets u nowhere. can we not organize ourselves to oust TOR.

runs should be Rns, might go to specsavers myself

At the very least our Bod should have announced a temporary reduction in salaries this morning in the Runs, to at least try and preserve our working capital, but of course that's not their style, they will milk this company for all they can before moving on. It's all about the wages for these guy's.

Thanks Arminius, I should have gone to SpecSavers!

how can we get rid of him?

You were right Fencer. This is a disgrace. Sometime ago I told the company my unhappiness with them spending money on salaries and stupid seismic surveys at a time when company had no money. These people have run this company into the ground at our expense. It all sounds very dodgy. This is disgusting. It is hard to believe. We have been tsken for fools. TOR must go and this company and its behaviour needs to be investigated. We have been led up the garden path

I assume BoD are not "Placees" at 25p but "Open Offerees" at 34p? The RNS interestingly did not say that the BoD would be taking up their allotment (relatively minor as this maybe).

No Suprise really, massive dilution, the money to be used to pay our high admin costs and wages, more funds to be raised later for Sp point