TomCo Energy PLC - London-based oil explorer in the US state of Utah - Obtains unsecured facility of USD750,000 through a convertible loan note instrument and associated subscription and put option agreement, entered with broker Novum Securities Ltd.
Proceeds from the initial tranche will go towards repaying a principal amount of USD250,000 of the USD1.5 million loan from Valkor Oil & Gas LLC.
Facility will also be used on bridge TomCo's financing requirements amid plans to negotiate for a large debt funding package.
"This convertible loan provides the company with bridge financing whilst we seek to further progress and finalise negotiations with a potential financing partner for a larger debt funding package that, if secured, would enable the company to execute on its development plans for Greenfield and the TSHII site," says Chief Executive Officer John Potter.
Current stock price: 0.46 pence, down 17% on Thursday
12-month change: down 7.1%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tomco Energy (TOM)