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Placing
Placing.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2723G TomCo Energy PLC 05 November 2018 \n\n \n5 November 2018\n \nTomCo Energy plc\n \n(\"TomCo\" or the \"Company\")\n \nEQUITY PLACING\n \nTomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that it has raised £532,350 (gross) by way of a placing (\"Placing\") of 6,262,944 new ordinary shares of no par value in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 8.5 pence per Placing Share.\n \nThe Placing is conditional only upon admission of the Placing Shares to trading on AIM and was organised by SVS Securities plc, the Company's broker.\n \nAs previously announced, the Company is currently undertaking a field test on its Holliday Block to seek to demonstrate the applicability of TurboShale Inc.'s (\"TurboShale\") RF technology to the recovery of oil from the oil shale at the Holliday Block (the \"Field Test\"). The Company has an 80% interest in TurboShale.\n \nAs announced on 1 November 2018, the 'live' stage of the Field Test is expected to commence shortly. The 'live' stage is expected to last approximately four weeks, with data being collected to enable more accurate models to be created ahead of undertaking a pre-commercial field test, as detailed below, along with the recovery of small volumes of oil enabling the Company to confirm the quality of oil produced.\n \nSubject to a successful Field Test, the Company intends to design and, subject to funding, conduct a larger field test, which is expected to last nine to 12 months and will seek to demonstrate the scalability of TurboShale's technology. This pre-commercial field test will also seek to test, inter alia, the use of horizontal wells and applicable recovery methods and processes. The Company anticipates seeking to raise the necessary funding for the further field test during 2019.\n \nThe net proceeds of the Placing will be used for general working capital purposes and the repayment of loans of, in aggregate, £250,000 provided by Christopher Brown which incur interest at 8% per annum and strengthens the Company's balance sheet.\n \nAdmission\n \nThe Placing Shares will rank pari passu with the existin...