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TomCo Energy raises £3.5m to progress US joint venture

Mon, 16th Nov 2020

Drilling technology group TomCo Energy said it had raised £3.5 million from a share issue to progress its US joint venture with Valkor and Greenfield Energy. New shares in the company were offered at 0.45p each, representing about 115.5% of the company's current issued share capital. Every two placing shares had one warrant attached, repsulting in the issue of 388.9 million warrants, with an exercise price of 0.9 for a period of two years. TomCo also announced that the joint venture had entered into a multi-site licence with Petroteq Energy for the use of its closed-loop system for the recovery of oil from oil sands. At 9:25am: (LON:TOM) TomCo Energy PLC share price was 0p at 0.63p Story provided by StockMarketWire.com

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