TomCo Energy PLC Placing (2723G)
November 05 2018 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 2723G
TomCo Energy PLC
05 November 2018
5 November 2018
TomCo Energy plc
("TomCo" or the "Company")
EQUITY PLACING
TomCo Energy plc (AIM: TOM), the oil shale exploration,
development and technology group focused on using innovative
technology to unlock unconventional hydrocarbon resources,
announces that it has raised GBP532,350 (gross) by way of a placing
("Placing") of 6,262,944 new ordinary shares of no par value in the
Company ("Ordinary Shares") (the "Placing Shares") at a price of
8.5 pence per Placing Share.
The Placing is conditional only upon admission of the Placing
Shares to trading on AIM and was organised by SVS Securities plc,
the Company's broker.
As previously announced, the Company is currently undertaking a
field test on its Holliday Block to seek to demonstrate the
applicability of TurboShale Inc.'s ("TurboShale") RF technology to
the recovery of oil from the oil shale at the Holliday Block (the
"Field Test"). The Company has an 80% interest in TurboShale.
As announced on 1 November 2018, the 'live' stage of the Field
Test is expected to commence shortly. The 'live' stage is expected
to last approximately four weeks, with data being collected to
enable more accurate models to be created ahead of undertaking a
pre-commercial field test, as detailed below, along with the
recovery of small volumes of oil enabling the Company to confirm
the quality of oil produced.
Subject to a successful Field Test, the Company intends to
design and, subject to funding, conduct a larger field test, which
is expected to last nine to 12 months and will seek to demonstrate
the scalability of TurboShale's technology. This pre-commercial
field test will also seek to test, inter alia, the use of
horizontal wells and applicable recovery methods and processes. The
Company anticipates seeking to raise the necessary funding for the
further field test during 2019.
The net proceeds of the Placing will be used for general working
capital purposes and the repayment of loans of, in aggregate,
GBP250,000 provided by Christopher Brown which incur interest at 8%
per annum and strengthens the Company's balance sheet.
Admission
The Placing Shares will rank pari passu with the existing
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 20 November 2018.
Following Admission of the Placing Shares, the Company's issued
share capital will consist of 69,557,214 Ordinary Shares with
voting rights. There are no Ordinary Shares held in treasury. The
figure of 69,557,214 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.
Enquiries:
TomCo Energy plc
Andrew Jones (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / James Dance +44 (0)20 7409 3494
SVS Securities plc (Broker)
Tom Curran / Ben Tadd +44 (0)20 3700 0093
For further information, please visit www.tomcoenergy.com.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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