TomCo Energy PLC Equity Placing (5668L)
July 20 2017 - 1:00AM
UK Regulatory
TIDMTOM
RNS Number : 5668L
TomCo Energy PLC
20 July 2017
20 July 2017
TomCo Energy plc (AIM: TOM )
("TomCo" or the "Company")
EQUITY PLACING
TomCo announces that it has raised GBP250,000 by way of a
placing ("Placing") of 6,250,000 new ordinary shares of no par
value in the Company ("Placing Shares") at a price of 4 pence per
Placing Share ("Placing Price").
The Placing is conditional only upon admission of the Placing
Shares to trading on AIM.
The Company intends to use the proceeds of the Placing to
provide a loan of approximately US$50,000 ("Loan") to its
subsidiary company, TurboShale LLC ("TurboShale"), enabling the
immediate commencement of its laboratory test work and, following
the agreement with JR Technologies LLC ("JRT") to amend the terms
of the patent purchase and development agreement, the completion of
the patent acquisitions from JRT as detailed in the Company's
announcement on 2 June 2017. The Loan, together with approximately
GBP60,000 currently due to TomCo under the TurboShale framework
agreement, shall be repaid to TomCo, upon completion of
TurboShale's current funding round. TurboShale's management are
confident of securing such funds.
Funds from the Placing will also provide additional working
capital to the Company, together with any funds that the Company
may receive from TurboShale in the event its funding is successful
pursuant to the framework agreement.
On completion of the Placing, the Company will recommence
payment of fees to directors, which have been accruing since the
beginning of this month.
The Placing Shares will rank pari passu with the existing
ordinary shares of no par value in the Company ("Ordinary Shares")
and application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the Placing Shares will commence
at 8.00 a.m. on 3 August 2017.
Following Admission of the Placing Shares, the Company's issued
share capital will consist of 28,917,800 Ordinary Shares with
voting rights. There are no Ordinary Shares held in treasury. The
figure of 28,917,800 may be used by shareholders, following
Admission, as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company
under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR").
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc +44 (0)20 3823 3635
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Chris Brown (CEO) chris@tomcoenergy.uk.com
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch +44 (0)20 7409 3494
SVS Securities plc (Broker)
Tom Curran / Ben Tadd +44 (0)20 3700 0093
Tavistock Communications (Financial PR)
Jos Simson / Niall Walsh +44 (0)7920 3150
Notes to Editors:
TomCo Energy Plc (AIM: TOM) is a London based, AIM-quoted
company, with substantial Oil Shale assets in Utah, USA.
TomCo holds a 100% interest in two Oil Shale leases, comprising
5 blocks covering 2,919 acres in Uintah County, Utah. Independent
natural resources consultants SRK Consultants Ltd, part of the
internationally recognised SRK Group, has declared a surface
mineable JORC compliant Measured Resource of 126 million barrels on
the main tract of TomCo's Holliday Block lease.
The Company has entered into a licence agreement with Red Leaf
Resources Inc ("Red Leaf") for the use of their EcoShaleTM
In-Capsule Process, a proven and environmentally sensitive
technology, to extract Oil from TomCo's leases.
In addition, TomCo has incorporated a new Utah-based subsidiary
company named TurboShale Inc. ("TurboShale"). TurboShale will seek
to develop and commercialise a new propriety technology for
processing oil shale. In addition to the provision of management
and administrative services by TomCo, TurboShale's executive and
technology team shall comprise of Andrew Jones and Chris Brown, Ray
Kasevich and Jeb Rong of Massachusetts-based JR Technologies LLC
and Graeme Hossie of UK-based Venture Development Partners Ltd. and
as set out in the announcement of 28 March 2017, TurboShale is an
oil shale technology company set up by TomCo, which is seeking to
research, develop, patent and commercialise technologies that will
allow licenced oil shale companies to produce synthetic crude oil
on a commercial basis at current oil prices, and with a low impact
on the environment, in exchange for a production royalty and
licence fee.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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