Business
Partial Conversion of Convertible Loan Note
Partial Conversion of Convertible Loan Note.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n\n1 June 2023\nTOMCO ENERGY PLC\n(\"TomCo\" or the \"Company\")\n \nPartial Conversion of Tranche One of the Convertible Loan Note Facility\nand Issue of Equity\n \nTomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that the Company has received a conversion notice from certain Convertible Loan subscribers to convert £25,000 principal amount of the initial £250,000 tranche of the Convertible Loan and the associated interest of £1,250 (5%), into new ordinary shares of no-par value in the capital of the Company (\"Ordinary Shares\"). Following this conversion, there is £25,000 principal amount outstanding under the Convertible Loan facility, full details of which were set out in the Company's announcement of 30 March 2023.\n \nThe conversion price per new Ordinary Share under the terms of the facility is the lower of: (i) 0.60 pence; and (ii) the volume-weighted average price of an Ordinary Share during any five of the fifteen business days prior to service or deemed service of a conversion notice, as selected by the noteholder(s) concerned and sourced from Bloomberg L.P., discounted by 15%. Accordingly, the conversion price has been determined to be 0.1287 pence per new Ordinary Share such that the conversion will result in 20,396,270 new Ordinary Shares being issued to the subscriber(s) concerned (the \"Conversion Shares\").\n \nAdmission to trading\n \nApplication will be made to the London Stock Exchange for the 20,396,270 Conversion Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and that dealings in the Conversion Shares on AIM will commence at 8.00 a.m. on or around 7 June 2023.\n \nTotal Voting Rights\n \nOn Admission, the Company's issued share capital will consist of 2,395,069,217 Ordinary Shares, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights will be 2,395,069,217 and this figure 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 Company under the FCA's Dis...