Providence Resources Barryroe funding tied-up at the bank
StockMarketWire.com - Oil exploration firm Providence Resources has yet to get its hands on the promised $9m financing loan from APEC Energy, its partner in the Barryroe project.
But the company has seen banking documents that show that a $10m payment has been made by APEC but the money appears to have become bogged down at in banking red tape at HSBC.
'The documentation confirms that the payment date is still pending due to final processing by HSBC,' say the company. An extension has now been agreed to 2 August for the loan arrangements to be finalised.
At 8:17am: (LON:PVR) Providence Resources PLC share price was 0p at 11.5p
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