Providence to fund drilling campaign with £41m share placing

Exploration company Providence Resources today announced the conditional placing of over 16m new ordinary shares which will raise around £41m (€48.69m) for the company.

In a statement, Providence said it was "pleased to announce... a conditional placing for cash of 16,096,800 new ordinary shares of €0.10 each... at 255p (€3.03) per share, raising gross proceeds of approximately £41.0m."