TomCo Energy Plc raises £1.25mln through share placing

TomCo Energy PLC (AIM:TOM) has raised £1.25mln through a share placing with the proceeds earmarked for a planned drill programme.

Three exploration wells are planned on the Tar Sands Holdings II LLC (TSHII) site along with supporting corporate operating expenses through to Q1 2023, the company noted.

It has issued 250mln new shares priced at 0.5p each, a discount of around 19% from Friday’s closing price.

“The net proceeds of the placing will be applied to the drilling of the planned exploration wells and facilitate the due diligence exercise to be undertaken by a party currently interested in backing our plans for Greenfield,” said TomCo chairman Malcolm Groat.

He added: “We are now focussed on the due diligence exercise with the potential funder for Greenfield, together with progressing other matters in relation to the TSHII site, including the planned exploration wells. 

“We look forward to providing further updates in due course. ”

TomCo has also appointed  Zac Philips as a non-executive director with immediate effect.

“Zac brings a wealth of experience within the oil and gas industry and significant corporate finance acumen,” Groat added.

“We look forward to Zac assisting with our plans as we seek to deliver significant long term shareholder value.”