TomCo Energy PLC Further Extension of the Valkor Loan (8139E)
November 01 2022 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 8139E
TomCo Energy PLC
01 November 2022
1 November 2022
TOMCO ENERGY PLC
("TomCo" or the "Company")
Further Extension of the Valkor Loan
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, announces a further extension
to the repayment date for the remaining US$1,000,000 outstanding
principal amount of the unsecured loan from Valkor Oil & Gas
LLC ("Valkor") to the Company's wholly owned subsidiary, Greenfield
Energy LLC (the "Valkor Loan"), which was used for the acquisition
of the initial 10% of the Membership Interests in Tar Sands
Holdings II LLC , as detailed in the Company's announcement of 16
November 2021.
On 31 May 2022, 28 June 2022, 1 August 2022, 1 September 2022
and 14 October 2022, the Company announced that the terms of the
Valkor Loan had been varied in order to extend the repayment date,
with the last extension being to on or before 31 October 2022. The
Company announces that the terms of the Valkor Loan have now been
further varied to extend the repayment date for the remaining
US$1,000,000 principal amount of the loan to on or before 30
November 2022.
As a former joint venture partner, Valkor is considered to be a
related party of the Company (as defined in the AIM Rules for
Companies) with respect to the Valkor Loan and, accordingly, the
further variation of the Valkor Loan's terms is deemed to
constitute a related party transaction pursuant to AIM Rule 13. The
TomCo directors, having consulted with Strand Hanson Limited, the
Company's Nominated Adviser, consider that the further variation of
the Valkor Loan's terms is fair and reasonable insofar as the
Company's shareholders are concerned.
Enquiries :
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Matthew Chandler +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Jon Belliss / Colin Rowbury +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Florence Chandler +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
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END
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