(Alliance News) - TomCo Energy PLC on Friday said it has raised GBP100,000 through a subscription of 125.0 million new shares priced at 0.08 pence each.
The sum represents a 46% premium to the closing price on Thursday of 0.055p.
Shares in the oil development group operating in the US were up 19% to 0.065p each on Friday afternoon.
It said the subscription is with an existing shareholder, and the shares represent around 3.9% 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 reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Tomco Energy (TOM)