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(Alliance News) - TomCo Energy PLC on Wednesday said it has raised GBP450,000 though a share placing to provide additional working capital.
The exploration and development company also confirmed that its field test continues to be running to plan. TomCo said its primary objective for the field test programme is the recovery of oil from its Holliday A block in the US state of Utah through the application of TurboShale Inc's radio frequency technology. The company has an 80% interest in TurboShale.
TomCo noted that, since the radio frequency antennae were switched-on on August 2, all the data recorded has been within "normal" parameters and the test area is heating at expected rates.
The company intends to announce the completion of the field test in the coming weeks, it said.
Turning back to its fundraising, TomCo said it will issue 12.9 million shares at a price of 3.5 pence each, through its broker Turner Pope Investments Ltd. The placing price represents a discount of 33% to the company's closing mid-market price on Tuesday.
On Wednesday, TomCo shares were trading 29% lower in London at 3.68p each.
Executive Chair Andrew Jones participated in the fundraising, buying 285,715 shares at 3.5p each, worth GBP10,000.