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LONDON (Alliance News) - TomCo Energy PLC on Monday said it has raised GBP532,350 through a share placing for general working capital purposes and repaying loans.
The oil shale exploration company issued 6.3 million shares at a price of 8.5 pence each. The stock was trading down 10% on the day Monday at 9.00p per share.
The placing was organised by SVS Securities PLC, the company's broker.
The net proceeds will be used for general working capital purposes and for the repayment of GBP250,000 of loans provided by former Chief Executive Christopher Brown.
TomCo said it is currently undertaking a field test on its Holliday block located in the US state of Utah to demonstrate the applicability of TurboShale Inc's RF technology for recovering oil. The company owns 80% interest in TurboShale.
Subject to a successful field test, TomCo said it 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.
The company anticipates raising additional new funds for further field tests during 2019.