LONDON (Alliance News) - Oil shale exploration company TomCo Energy PLC said on Monday loans provided by former Chief Executive Chris Brown totalling GBP250,000 have been settled in full.
The loans were originally due for repayment in March, and attracted 8% per annum of interest.
As part of the settlement, Brown has agreed to allow GBP100,000 of the loans to be converted into 5.0 million shares at the price of 2.0 pence per share.
This will bring Brown's total holding in the company to 10.6 million shares, a 12% stake in the company.
Shares in TomCo Energy were up 4.6% at 2.67p on Monday.
"I would like to thank Chris Brown for his continuing support to the company and our strategy, as we seek to continue to progress our oil shale interests during 2019. We look forward to updating the market shortly on our work currently underway in Utah," said Chairman Andrew Jones.
Tomco Energy (TOM)