Providence Resources - News soon: - Expect RNS By end of...

Expect RNS By end of next week. It is Going to be Hard For TOR to explain if 100m to be raised via equity issue at 11 p a Share why is this being done at a moment when the oil Price is rising and Market sentiment improving. As stated before (even if Melody want their 24m back) all We require is 24m (Melody), 7 m ( Transocean), lets say 16m ( for total Cost of Barryroe drill and perhaps 10m for SP portion. That is 57m minus 8 m in Cash on hand. Thus if they were to raise 55m that Would give a further 6 m in cash for Day to day. So maximum of 55m. Success on Barryroe or SP Would drive up share price and a further equity raise could Take place Later with much less dilution. So a SHare issue for 100m is completely unjustifiable. It is as Sharemate poInter Out a sale of the Company By stealth at give away price