TIDMTOM
RNS Number : 4521B
TomCo Energy PLC
03 October 2022
3 October 2022
TOMCO ENERGY PLC
("TomCo" or the "Company")
Drawdown of Second Tranche of the Convertible Loan Note Facility
and
Issue of Associated Warrants
Partial Conversion of First Tranche of the Convertible Loan Note
Facility and
Issue of Equity
TomCo 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 served a draw down notice in respect of the GBP375,000 second
and final tranche of the GBP750,000 unsecured convertible loan note
facility as detailed in the Company's announcement of 1 September
2022.
The Convertible Loan is intended to bridge the Company's
financing requirements as the Board seeks to further progress and
finalise negotiations with a potential financing party for a larger
debt funding package to enable the Company to execute on its
development plans for Greenfield and the Tar Sands Holdings II LLC
("TSHII") site. There can be no certainty that such larger funding
arrangements will ultimately be successfully secured or as to the
terms of any such debt facility.
Warrant Issue
Further to the draw down of the second tranche of GBP375,000 of
the Convertible Loan, the Convertible Loan subscribers will be
issued with a further 50,000,000 warrants by the Company, with each
warrant affording the holder the right to subscribe for one new
Ordinary Share at an exercise price of 0.75 pence per share, for a
period of two years from 30 September 2022 (the "Second Subscriber
Warrants"). If such Second Subscriber Warrants were to subsequently
be exercised in full, it would result in the issue of 50,000,000
new Ordinary Shares raising a further GBP375,000 towards the
development of the Company's business.
Partial Conversion of First Tranche of the Convertible Loan
In addition, the Company has received a conversion notice from
certain Convertible Loan subscribers to convert GBP200,000
principal amount of the first tranche of the Convertible Loan,
together with the associated interest of GBP10,000 (5%), into new
Ordinary Shares.
The conversion price per new Ordinary Share under the terms of
the facility is the lower of: (i) 0.75 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 0.351917 pence per new
Ordinary Share such that the conversion will result in 59,673,162
new Ordinary Shares being issued to the subscribers concerned (the
"Conversion Shares").
Admission to trading
Application will be made to the London Stock Exchange for the
59,673,162 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 6 October 2022.
Following this conversion, GBP175,000 remains outstanding from
the first tranche of the Convertible Loan and, together with the
GBP375,000 second tranche, a total of GBP550,000 principal amount
remains outstanding under the Convertible Loan.
Total Voting Rights
On Admission, the Company's issued share capital will consist of
1,807,751,840 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 1,807,751,840
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 Disclosure Guidance
and Transparency Rules.
Capitalised terms not otherwise defined in this announcement
have the same meaning ascribed to them in the Company's
announcement of 1 September 2022.
Enquiries :
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Matthew Chandler +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Jon Belliss / Colin Rowbury +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Florence Chandler +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
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END
IOEMTBRTMTAMBRT
(END) Dow Jones Newswires
October 03, 2022 02:00 ET (06:00 GMT)
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