TOMCO operating cost and funding17 Mar 2022 14:46
EXCERPT FROM JAN RNS PLACING.
The net proceeds of the Placing are currently expected to provide the Company with sufficient funds to cover its corporate operating expenses through to Q1 2023, as well as the costs associated with drilling three exploration wells on the TSHII site, as further described below.
Additionally, the net proceeds will be applied to cover the Company's expenses in relation to a due diligence exercise, expected to commence shortly, in order to secure funding of up to US$145 million to Greenfield. Whilst there is no certainty that such funding arrangements will be concluded, or as to the terms of any such funding, such non-equity funding, if secured, would enable Greenfield to acquire the remaining 90% of the Membership Interests in TSHII and cover the currently estimated construction costs of an initial 5,000 barrel per day oil production plant and requisite associated supporting infrastructure to enable the future mining of oil baring sands at the TSHII site.