Providence Resources Forum

- Option with PSE Kinsale Energy for a right to earn a 60% working interest in southern portion of OPL 1 exercisable for a three year period - Option is earned through the 100% financing and drilling of an exploration well

eh?

Offered 1 for every 4.4 existing shares

I imagine Cenkos got its 6 million in fees for organizing placement. This Would include underwritting issue I hope. Surely nobody Would leave 68 m dollars worth of currency nacked without a forward swap over a volite brexit vote period

1.266 sterling to euro

Of course It is possible that funding could be pulled. However It is Very unlikely that a swaption or a forward currency swap was not put in place prior to Brexit. This is The normal Course of action when You Have currency risk over a volatile And uncertain time period. If they Have not done this they Are complete fools And Cenkos a complete joke if advice on this course of action not given by them. I suspect a swap or An option in place at -./66. I hope I am not wrong !!!

Hello Haribo. The funds Will be held in a custodian account pending the EGM. I am sure they Have all ready purchased a forward currency swap. Believe the rate is 12p/15.2 cents i.e 1.266. At the time of announcement the market rate was 1.300 so the only reason for taking a worse rate Would be a forward currency swap or An option for protection

red across board except for gold.. wonder will they pull the funding. i suppose there is still time.

So, the amount of open offer shares (at one per 4.4 of ordinary shares held) has magically appeared in my portfolio, but with now value attached. Im confused how this has happened and am worried that this is foreshadowing a 4.4:1 reverse split that has happened with some of my other holdings. I am a novice in this game, so forgive the ignorance.

I do not have access, but good to see that story today in the Times on a day that is dominated by the Bexit. Perhaps putting your money into basic resources stocks would be a good idea at this time.