TIDMTOM
RNS Number : 9477I
TomCo Energy PLC
14 August 2019
14 August 2019
TomCo Energy plc
("TomCo", the "Company" or the "Group")
Placing and Field Test Update
TomCo Energy plc (AIM: TOM), the US operating oil shale
exploration and development group focused on using innovative
technology to unlock unconventional hydrocarbon resources, is
pleased to announce that it has raised GBP450,000 (gross) by way of
a placing ("Placing") of 12,857,143 new ordinary shares of no par
value in the Company ("Ordinary Shares") (the "Placing Shares") at
a price of 3.5 pence per Placing Share ("Placing Price") through
Turner Pope Investments (TPI) Ltd ("TPI"), the Company's
broker.
The Company intends to utilise the net proceeds of the Placing
to provide additional working capital to the Group. The Placing
Price represents a discount of approximately 33% to yesterday's
closing mid-market price of the Company's Ordinary Shares on AIM of
5.2 pence.
Field Test Update
As previously stated, the Company's primary objective for the
field test programme is the recovery of oil from the Company's
Holliday A Block through the application of TurboShale Inc.'s
("TurboShale") RF technology (the "Field Test"). The Company has an
80% interest in TurboShale.
The Company is pleased to confirm that the Field Test continues
to be running to plan. Since the RF antennae were switched-on on 2
August 2019, supervised by the team from Continental Electronics,
all the data recorded has been within normal parameters and the
test area is heating at expected rates.
The Company intends to announce the completion of the Field Test
in the coming weeks, before undertaking a period of analysis and
assessment on any oil samples collected to confirm the quality and
potential recovery rates, which is expected to last for several
months. There can be no guarantee that the Field Test and any
subsequent analysis thereof will be successful in establishing the
suitability and/or commerciality of the RF Technology or the
commerciality of the Group's oil shale leases.
Director's Dealings
Andrew Jones, Executive Chairman of the Company, has subscribed
for 285,715 Placing Shares at the Placing Price. Following
admission of the New Ordinary Shares (as defined below) to trading
on AIM ("Admission"), Mr Jones will be interested in 1,009,245
Ordinary Shares, representing 0.76% of the Company's then enlarged
share capital.
Related Party Transaction
The participation of Andrew Jones in the Placing constitutes a
related party transaction pursuant to Rule 13 of the AIM Rules for
Companies. Accordingly, the independent Directors (being John
Potter, Malcolm Groat and Alexander Benger) consider, having
consulted with the Company's nominated adviser, Strand Hanson
Limited, that the terms of Mr Jones' participation in the Placing
is fair and reasonable insofar as the Company's shareholders are
concerned.
Issue of Warrants
As part of the commission arrangements for acting as broker to
the Placing, TPI has been issued 771,429 warrants, giving them the
right to acquire such number of new Ordinary Shares at an exercise
price of 3.5 pence for a period of two years.
Issue of Fee Shares
In addition, the Company has issued 142,857 new Ordinary Shares
in respect of fees due to an adviser (the "Fee Shares" and together
with the Placing Shares, the "New Ordinary Shares").
Admission
The Placing is subject to normal conditions including, inter
alia, admission of the Placing Shares to trading on AIM.
The New Ordinary Shares will rank pari passu with the existing
Ordinary Shares and application will be made for the Admission of
the New Ordinary Shares, which is expected to become effective, and
with dealings commencing, at 8.00 a.m. on 19 August 2019.
Following Admission, the Company's issued share capital will
consist of 133,451,543 Ordinary Shares with voting rights. There
are no Ordinary Shares held in treasury. The figure of 133,451,543
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) +44 (0) 20 3 823 3635
John Potter (CEO)
Strand Hanson Limited (Nominated Adviser)
James Harris +44 (0) 20 7409 3494
Richard Tulloch
James Dance
Turner Pope (Broker)
Andy Thacker +44 (0) 20 3657 0050
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
("MAR").
PDMR Notification Form:
The notifications below are made in accordance with the
requirements of Market Abuse Regulation:
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Jones
-------------------------------- --------------------------------
2. Reason for the Notification
------------------------------------------------------------------
a) Position/status Executive Chairman
-------------------------------- --------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- --------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------
a) Name TomCo Energy plc
-------------------------------- --------------------------------
b) LEI 213800FEW97Y1CD38B95
-------------------------------- --------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------------------------------------------------------------------
a) Description of the Financial Ordinary Shares of no par value
instrument, type of instrument
-------------------------------- --------------------------------
Identification code IM00BZBXMN96
-------------------------------- --------------------------------
b) Nature of the Transaction Purchase of Ordinary Shares of
no par value
-------------------------------- --------------------------------
c) Price(s) and volume(s) 285,715 Ordinary Shares at 3.5
pence per share
-------------------------------- --------------------------------
d) Aggregated information N/A
Aggregated volume price
-------------------------------- --------------------------------
e) Date of the transaction 14 August 2019
-------------------------------- --------------------------------
f) Place of the transaction AIM (LSE)
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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
MSCBXLLFKVFZBBK
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