Business
Reinitiating Liquidity Facility
Reinitiating Liquidity Facility.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6053O TomCo Energy PLC 23 September 2013 \n \n\n \n23 September 2013\nTomCo Energy plc\n(\"TomCo\" or \"the Company\")\n \nReinitiating Liquidity Facility with Windsor Capital\n \nTomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources in the United States, today announces that it has agreed with Windsor Capital Partners Limited (\"Windsor\") to reinitiate the operation of the Liquidity Facility Agreement (the \"Facility\") with immediate effect and has amended the terms announced on 28 January 2013 by way of introducing a floor price of 2p per share and limiting the maximum net amount raised following this announcement to one million pounds. \n \nUnder the Facility TomCo had issued and allotted 100 million ordinary shares of 0.5 pence each (\"Ordinary Shares\") to Windsor in exchange for the Promissory Note. Shares that are not sold during the life of the Facility will be returned to the Company and cancelled.\n \nThe funds raised will be used for further advancing the Company's Holliday Block project and may be used to acquire additional leases.\n \nThe Facility allows the Company to access capital using the natural liquidity that is available in the Company's shares in a more cost-effective manner than a traditional equity line product. The Company will provide further updates with regards to the proceeds it receives under the Facility on a periodic basis, as appropriate.\n \nCEO Paul Rankine commented: \"The Board is pleased that the amended Facility is expected to enable TomCo to be fully funded through to the Red Leaf/Total JV Final Investment Decision (\"FID\"), without the fear of diluting existing shareholders or adversely affecting the market.\"\n \nEnquiries:\n \nFor further information, please visit www.tomcoenergy.uk.com or contact:\n \n\n\n\n\nTomCo Energy plc\n\n\n\n\n\n\n\nPaul Rankine, CEO/Miikka Haromo, CFO\n \n\n\nTel: +44 20 7766 0070\n\n\n\n\nFox-Davies Capital Ltd (Nomad and Broker)\n\n\n\n\n\n\n\nSimon Leathers/Jonathan Evans\n \n\n\nTel: +44 20 3463 5000\n\n\n\n\nTavistock Communications (Financial PR &IR)\nEd Portman/Conrad Harrington/Jos Simson\n\n\n \nTel: +44 20 7920 3150\n\n\n\n\n \nNotes to Edito...