Providence Resources Share Discussion Threads

[hoper2] 27/8/2019 10:49

"In the event that the loan advance is not received from APEC by the revised backstop extension, and noting the creditors on the balance sheet and existing
forward commitments, including the planned site survey at Barryroe, the
Company would need to put in place alternative financing arrangements in
order to provide it with sufficient working capital beyond the end of
the third week of September 2019"


If that money doesn't turn up I can only see two ways out, both would be very difficult to pull off:

1. A massive rights issue - about 1 billion shares priced at about 2 or 3p, but that still only covers the survey and TOR's wages. There's no money for a drill.

2. A loan. However, who would lend money to a company with no income and requiring a fortune just to try and prove Barryroe is a commercial find?


All this and TOR is still paying himself half a million a year!

[feelbo2] 27/8/2019 08:25

Looks like Apec happy to count down the clock until we run out of cash. Time PVR for Leadership and action.

[hermana3] 27/8/2019 07:46

Its,The fare is normally of the yellow pack variety and that was when there were a few quid in the kitty. Rationing of hot bevvies and sangers from here on....

[hermana3] 27/8/2019 07:39

Raise, What sort of a partner is 8 months+ late with agreed payment schedules? Barryroe drill rolling into unfavourable drill period but need cash to keep lights on first....

[itsriskythat] 27/8/2019 07:38

The van from Dolly's Diner will be parked outside serving teas and coffees.

[matt] 27/8/2019 07:37

Will need money from one source or other for the survey to start.

[hermana3] 27/8/2019 07:33

Romeo, The ensuing drama is unending! Will we have dough by AGM for a mug of coffee and hang sambos?

[raisethestake1] 27/8/2019 07:32

Has it really come to this now.One step away from our leader going into shared office space.To think of the money spend in the pass that could have afforded him to buy his own building.Now that would be an asset we would have now and all for the price of a consultantcy fee or two.I hope we did not lay down in the wrong bed here and got up with fleas.

[romeoandjuliet] 27/8/2019 07:27

Let's hope the larger amount for the actual drilling activity have also been placed in the HSBC sausage mixer in time for this autumn

[hermana3] 27/8/2019 07:11

Maybe Trump is right about Chinese dealings!!!

[hermana3] 27/8/2019 07:09

With nowt else on table this is extremely tiring. Site Survey to begin by weekend?

[ohisay] 27/8/2019 07:08

TORs theme song these days,What a farce.

[steelwatch] 27/8/2019 07:03

Can kicked yet again!

[hermana3] 26/8/2019 23:25

On the eve of squeaky bum time once again here!!!!!

[hermana3] 26/8/2019 19:02

We'll soon know...

[jam2day] 26/8/2019 18:04

I think if funds had been transferred we would have had notification this PM which suggest further back stop

[matt] 26/8/2019 16:01

Boat has been paid to travel. There is none ringfenced for the survey, RNS says need money to arrive or alternate source.



Whilst the implementation of the site survey is subject to the receipt
of funding from APEC or alternative financing arrangements being put in
place, the Company has agreed payment of the contractual mobilization
fee to ensure that the contracted vessel can mobilise to Ireland. The
nominated vessel is currently finishing up activities in the North Sea
prior to its planned mobilization to Ireland, which is expected to occur
later this week, with an expected commencement of operations prior to
month end.

On August 5, 2019, the Company announced that, as of August 2, 2019, the
Company had unaudited cash balances of approximately US$1.45 million and
that, in the event that the loan advance was not received from APEC by
the revised backstop extension, and noting the creditors on the balance
sheet and existing forward commitments, including the planned site
survey at Barryroe and the proposed business re-engineering, the Company
would need to put in place alternative financing arrangements in order
to provide it with sufficient working capital beyond the end of August
2019.

[slippygeorge] 26/8/2019 15:29

Nice to know a lot of experts on this thread

[1cagney] 26/8/2019 14:01

Vessels don't travel hundreds of miles on the chance that they may get paid. So assuming they are heading to Barryroe sufficient funding must be ringfenced for the job.

[matt] 26/8/2019 13:12

Sounds like a step in the right direction. My read of the last RNS is that they have paid it to mobilise to Ireland but they will need the funds to arrive or be raised to then start work.

[steelwatch] 26/8/2019 12:52

Kommandor now en route to Lowestoft, so looks like the latest survey is completed.

edit: if so, time for TOR to shake the magic money tree.

[matt] 26/8/2019 11:40

Looks like vessel still doing North Sea work and not heading to Cork quite yet. Takes a bit of pressure off the need for immediate cash.

[matt] 26/8/2019 11:29

Five part blog on getting money from China

[hermana3] 26/8/2019 07:23

Div, Tis APEC or the printing machine!