7 May 2021 07:00
Exercise of WarrantsProvidence Resources P.l.c.
Exercise of Warrants
Dublin and London – 7 May 2021 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based resource development company (“Providence” or the “Company”), announces that 23,017,892 warrants of 3p each have been exercised raising £690,536.76 for the Company. The warrants were issued as part of the fundraising in May 2020. Providence Resources has issued a total of 23,017,892 new Ordinary Shares (the “New Ordinary Shares”) to the warrant holders.
Application will be made to the London Stock Exchange and Euronext Dublin for the New Ordinary Shares to be admitted to trading on AIM and Euronext Growth. It is expected that admission to trading on each exchange ("Admission") will become effective and that dealings in the New Ordinary Shares will commence on AIM and Euronext Growth at 8.00 a.m. on 13 May 2021.
The New Ordinary Shares will be issued and credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of those Ordinary Shares and will otherwise rank on Admission pari passu in all respects with each other and with the existing Ordinary Shares in the Company. The total issued share capital of the Company, as increased by the New Ordinary Shares, will be 974,864,403 Ordinary Shares.
In May 2020, there were 177,973,400 £0.03 and 177,973,400 £0.09 warrants issued as part of the fundraising. To date there have been 133,350,343 of £0.03 warrants converted in shares raising an additional £4,000,510.29. This represents a conversion ratio of 74.93%. There were 44,622,661 £0.03 warrants outstanding which expired at the close of business on the 6th May 2021. The £0.09 warrants will expire on 6th May 2022.
Providence CEO Alan Linn commented “We are delighted to have received the ongoing support of the warrant holders and believe it reflects and highlights the underlying strength of the Barryroe asset.”
INVESTOR ENQUIRIES
Providence Resources P.l.c. Tel: +353 1 219 4074Alan S Linn, Chief Executive Officer
Joe LangbroekInvestor Relations
J&E Davy Tel: +353 1 679 6363Anthony Farrell
Murray Consultants Tel: +353 1 498 0300Joe Heron