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Greenfield: Conditional Site Purchase Arrangement
Greenfield: Conditional Site Purchase Arrangement.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2314B\n TomCo Energy PLC\n 09 June 2021\n \n \n \n \n 9 June 2021\n \n \n \n \n \n TOMCO ENERGY PLC \n \n \n (\"TomCo\" or the \"Company\") \n \n \n \n \n \n Greenfield Update\n : \n Conditional Site Purchase Arrangement\n \n \n \n \n \n TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that\n \n Greenfield Energy LLC (\"Greenfield\"), the Company's 50/50 joint venture with Valkor LLC (\"Valkor\"), has entered into a membership interest purchase agreement (the \"Agreement\") with Endeavour Capital Group LLC (\"Endeavour\") and Tar Sands Holdings II LLC (\"TSHII\") with respect to the potential acquisition by Greenfield of up to 100% of the ownership and membership rights and interests in TSHII (the \"Membership Interests\"). TSHII owns approximately 760 acres of land and certain non-producing assets (the \"Site\") in Uintah County, Utah, USA.\n \n \n \n \n \n Greenfield plans, subject, inter alia, to the completion of satisfactory due diligence and securing of the requisite funding, to use the Site, if ultimately acquired via TSHII, for the future mining of oil sands and construction of a commercial scale processing plant utilising the findings of the FEED (Front-End Engineering and Design) study, once finalised and the process independently verified, and other knowledge and experience gained from Greenfield's operation of \n Petroteq Energy Inc's existing oil sands plant at Asphalt Ridge, Utah. (the \"POSP\").\n \n \n \n \n \n The Site has existing infrastructure, plant and equipment, together with an existing Large Mine Permit No. M0470032, that could facilitate any future development by Greenfield.\n \n \n \n \n \n Pursuant to the terms of the Agreement, Greenfield has paid a non-refundable deposit of US$200,000 to secure a 90 day period to undertake due diligence and an exclusive option for up to 120 days to acquire an initial 10% of the Membership Interests\n . Greenfield can exercise its right to acquire an initial 10% of the Membership Interests for cash consideration of US$2 million (against which the deposit shall be credited) on or before 1 September 2021. Following completion of the acquisition of the i...