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LONDON (Alliance News) - TomCo Energy PLC on Wednesday said it has raised GBP600,000 to go towards completing its 2019 field test programme.
The oil shale exploration, development and technology firm issued 21.8 million shares at 2.75 pence each via its broker, Turner Pope Investments Ltd. TomCo shares dropped 15% Wednesday morning, trading at 2.86p each.
The firm will use the remaining proceeds for general working capital purposes.
TomCo added the initial phase of planning for the tests has now being completed. It is now anticipated mobilisation for the test will begin in mid-2019, with the test scheduled to be concluded in late third quarter or early fourth quarter of 2019.