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TomCo Energy PLC - Statement re share price and exercise of warrants

RNS Number : 7078S
TomCo Energy PLC
10 July 2020
 

 

 

10 July 2020

 

TOMCO ENERGY PLC

("TomCo" or the "Company")

 

Statement re. share price movement

and exercise of warrants

 

TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, notes the recent increase in the Company's share price and confirms that it is not aware of any reason for the significant increase.

 

Following completion of the recent placing, announced on 2 July 2020, the Company is now working with its JV partner, Valkor LLC, to seek to finalise the planned upgrades and the proposed work programme to Petroteq Energy Inc's existing oil sands plant at Asphalt Ridge, Utah (the "POSP").

 

As set out in the announcement of 2 July 2020, the Company believes that it will take approximately three months to complete the upgrade works to the POSP, with the test programme expected to then take approximately a further 4-6 weeks, with third party verification of the process to then be undertaken following the testing.

 

The Company will keep shareholders updated in respect of the proposed upgrades to and the planned work programme at the POSP and further announcements will be made as appropriate.

 

Exercise of Warrants

 

TomCo 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 received notice of exercise of warrants by Novum Securities Ltd ("NSL"), the Company's joint broker, to subscribe for a total of 18,375,000 new ordinary shares of no par value each in the capital of the Company ("Ordinary Shares").  The new Ordinary Shares are being issued at a price of 0.4 pence per share and relate to the warrants issued to NSL as part of the Company's placing announced on 2 July 2020.

 

Admission and Total Voting Rights

 

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares and application will be made for the new Ordinary Shares to be admitted to trading on AIM ("Admission").  It is expected that Admission will become effective and dealings in the new Ordinary Shares will commence at 8.00 a.m. on 16 July 2020.

 

Following Admission, the Company's issued share capital will consist of 669,134,235 Ordinary Shares with voting rights.  The Company does not hold any Ordinary Shares in treasury.  Therefore, the total number of Ordinary Shares and voting rights in the Company will be 669,134,235.  With effect from Admission, this figure may be used by shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Enquiries:

 

TomCo Energy plc

Stephen West (Chairman) / John Potter (CEO)                         +44 (0)20 3823 3635

 

Strand Hanson Limited                                                                 (Nominated Adviser)

James Harris / Richard Tulloch / James Dance                          +44 (0)20 7409 3494

 

Turner Pope                                                                                    (Joint Broker)

Andy Thacker / Zoe Alexander                                                    +44 (0)20 3657 0050

 

Novum Securities Limited                                                           (Joint Broker)

Charlie Brook-Partridge                                                                +44 (0)20 7399 9402

 

For further information, please visit www.tomcoenergy.com.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: TomCo Energy PLC

Price: 0.52

Market: AIM
Market Cap: £3.5 m
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