(Alliance News) - TomCo Energy PLC on Tuesday said it has raised GBP50,000 through a subscription of 50.0 million new shares priced at 0.10 pence each.
The subscription price represents a 5.3% discount to the closing price of 0.095p on Friday last week.
Shares in the oil development group operating in the US were up 1.7% to 0.097p each on Tuesday afternoon.
It said the subscription is with an existing shareholder, and the shares represent around 1.5% of its enlarged share capital.
TomCo will use the funds to cover costs of developing Tar Sands Holdings II in Utah, via its Greenfield Energy subsidiary.
By Sophie Rose, Alliance News senior reporter
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Tomco Energy (TOM)