News

TomCo Energy Raises £100,000 for Greenfield Energy Development

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4.9

Andrew R. Michaud

• October 13, 2023

TomCo Energy, the London-listed oil company, has announced that it has successfully raised £100,000 ($121,740) through a premium subscription with an existing shareholder. The capital raised will be utilized to further develop its Greenfield Energy project in Utah.

Positive Market Response

Following this news, TomCo Energy shares experienced a notable surge. At 0732 GMT, shares were up by 0.01 pence, representing an 18% increase, bringing the price to 0.07 pence.

Funding Details

To secure the funding, the company plans to issue 125 million new ordinary shares priced at 0.08 pence per share. This price reflects a premium of approximately 45.5% compared to the closing price on Thursday, which stood at 0.055 pence.

Strategic Approach

TomCo Energy continues to explore various avenues to secure additional funding for its Greenfield Energy project. However, due to the current challenging economic environment, obtaining this funding is taking longer than anticipated. Nonetheless, the company's board remains optimistic and expects to finalize an appropriate transaction agreement in the fourth quarter.

For more information, please contact Anthony O. Goriainoff.