Providence Resources - Re: PVR Stream Log - Malcy's Blog latest take on...

Malcy's Blog latest take on Providence: Providence Resources Lazarus like in its nature, the rise from the Transocean debris was completed yesterday when the company raised $68.4m plus proceeds of the open offer at 12p a share, a discount of a modest 13%. Enough to pay the court for Transocean, discharge all the debt to Melody, pay for some working capital, drill a well on Druid next year and still be able to provide a solid background to farm-out Barryroe and Spanish Point. Yes, Barryroe is still waiting for farm-out although I am reliably informed that it really is now closer than ever before. The placing is quite an achievement in these markets although there is a definite air of confidence around that I hadnt smelt much recently, apparently existing holders as well as a blue chip list of new institutions are now on the register. With today’s announcement of another licence in the Porcupine Basin adding to the portfolio, PVR finds itself in a very strong position and having discharged its liabilities now works from a clean sheet of paper, worth a close eye on nowadays…