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(Sharecast News) - TomCo Energy announced the raising of £0.1m on Friday, in a bid to shore up finances for the plans of its subsidiary Greenfield Energy.
The AIM-traded firm said the funds were raised via a subscription of 125,000,000 new shares, priced at 0.08p each, representing a significant 45.5% premium to the mid-market closing price on 12 October.
It said the subscription was facilitated with an existing shareholder, and represented 3.9% of its enlarged issued share capital.
The capital was earmarked to fund anticipated expenditures as TomCo looked to further its plans through its wholly-owned subsidiary Greenfield Energy, concerning the Tar Sands Holdings II site in Utah's Uinta Basin.
Greenfield holds a 10% membership Interest in Tar Sands Holdings II, with an exclusive option to acquire the remaining 90% for an additional $17.25m until 31 December.
"The company continues to pursue a number of routes, as set out in its announcement of 17 August, to secure a potential funding package for Greenfield, that would enable Greenfield to ultimately exercise the option and pursue its previously announced wider development plans," the board explained.
"Such funding exercise is taking significantly longer than expected in the current challenging economic environment, but the company remains in active discussions and the board remains optimistic that an appropriate transaction can be successfully agreed in the fourth quarter.
"However, there can be no certainty that an appropriate funding proposal for Greenfield will ultimately be successfully concluded or as to the precise terms or structure of any such funding package or financing arrangement for Greenfield."
At 1419 BST, shares in TomCo Energy were up 15.82% at 0.06p.
Reporting by Josh White for Sharecast.com.