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LONDON (Alliance News) - TomCo Energy PLC on Friday said its liquidity facility agreement with Windsor Capital Partners Ltd has been terminated "by mutual consent" and 11.0 million shares will now be returned to TomCo and cancelled.
TomCo is an oil share explorer and developer operating in the US state of Utah.
Under the facility, TomCo issued and allotted 100.0 million shares to Windsor in exchange for a promissory note and, under the terms of the deal, it was agreed that any shares not sold during the life of the facility would be returned to TomCo and cancelled.
The number of shares remaining under the facility at the date of termination was 11.0 million, and on Friday, TomCo said the cancellation of the shares is expected next Wednesday.
After the shares have been cancelled, TomCo said its issued share capital will stand at 2.06 billion shares.
Shares in TomCo were untraded on Friday, having last traded at 0.103 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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