Providence Resources names new deadline for $10m Apec funding

Dublin-listed explorer waiting for money to cover exploration costs at Barryroe project

Providence is awaiting funds to cover the costs of work at  Barryroe off the coast of Cork. Photograph:  Finbarr O’Rourke

Providence is awaiting funds to cover the costs of work at Barryroe off the coast of Cork. Photograph: Finbarr O’Rourke

 

Providence Resources has once more extended its deadline for the receipt of $10 million (€9 million) funds from its Chinese investor Apec, making it the ninth time the company has been forced to do so.

The funding the Dublin-listed explorer is waiting for is to cover exploration costs at its Barryroe project off the coast of Cork.

However, it has received assurances $9 million to cover exploration costs at its Barryroe project and $1 million to cover Apec’s costs was in the process of being paid. The deadline has been extended to September 2nd.

Providence has said previously it has received documents provided to Apec’s funders by HSBC showing the transaction is being processed.

Apec had originally been due to transfer the funds by June 14th. Providence reiterated that if the money is not received by the new backstop date, it would need to put alternative financing arrangements to provide it with working capital beyond the third week in September.

One of the first projects planned for the funding is a site survey at Barryroe. Providence said it had agreed payment of a mobilisation fee to ensure that the contracted vessel it needs would remain available.