TomCo Energy PLC GBP50,000 Equity Fundraise and TSHII Update (2691Y)
January 02 2024 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 2691Y
TomCo Energy PLC
02 January 2024
2 January 2024
TOMCO ENERGY PLC
("TomCo" or the "Company")
GBP50,000 Equity Fundraise and TSHII Update
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, announces that the Company
has raised gross proceeds of GBP50,000 by way of a subscription for
50,000,000 new ordinary shares of no-par value each in the capital
of the Company ("Ordinary Shares") (the "Subscription Shares") at a
price of 0.10 pence per share (the "Subscription"). The
Subscription has been undertaken with Matthew Jones, an existing
shareholder in the Company.
The Subscription Shares will represent approximately 1.5 per
cent. of the Company's enlarged issued share capital. The
Subscription price represents a premium of approximately 5.3 per
cent. to the mid-market closing price on AIM of 0.095 pence per
Ordinary Share on 29 December 2023, being the latest practicable
business day prior to the date of this announcement.
The Subscription has been undertaken to provide additional funds
towards the Company's anticipated expenditure as it seeks to
progress its plans for its wholly owned subsidiary, Greenfield
Energy LLC ("Greenfield"), in relation to the Tar Sands Holdings II
LLC ("TSHII") site located in the Uinta Basin, Utah, United States.
As previously announced, Greenfield owns a 10% Membership Interest
in TSHII with an exclusive option, at its sole discretion, to
acquire the remaining 90% of the Membership Interests for
additional cash consideration of US$17.25 million up to 31 December
2023 (the "Option"), together with a matching right as detailed in
the Company's announcement of 6 June 2023.
The Company is currently in discussions with the counterparty to
the Option with a view to seeking a further extension to the
exercise period in respect of such Option or agreeing a suitable
alternative arrangement. There can be no certainty that the Option
will be extended or an alternative arrangement agreed, or that the
required funding can be secured to complete the potential
acquisition of the remaining 90% of the Membership Interests. A
further announcement will be made in due course.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for the
50,000,000 Subscription Shares to be admitted to trading on AIM
("Admission"). Subject to the proceeds of the Subscription having
been received by the Company, it is expected that Admission will
become effective and that dealings in the Subscription Shares on
AIM will commence at 8.00 a.m. on or around 8 January 2024.
On Admission, the Company's issued share capital will consist of
3,237,408,610 Ordinary Shares, each with one voting right. There
are no shares held in treasury. Therefore, the Company's total
number of Ordinary Shares and voting rights will be 3,237,408,610
and this figure 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 Company under the FCA's Disclosure Guidance
and Transparency Rules.
Related Party Transaction
Matthew Jones is interested in 14.24 per cent. of the Company's
existing share capital and is therefore a related party of the
Company (as defined in the AIM Rules for Companies). Accordingly,
the Subscription 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 terms of the Subscription are 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 by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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