TOMCO ENERGY PLC — Share Issue/Capital Change 2018

Dec 14, 2018

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RNS Number : 5050K

TomCo Energy PLC

14 December 2018

14 December 2018

TomCo Energy plc

("TomCo", the "Company" or the "Group")

Equity Placing, Additional Oil Shale Leases Secured and Director Appointment

TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has raised £550,000 (gross) by way of a placing ("Placing") of 27,500,000 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 2 pence per Placing Share ("Placing Price").

The Placing is subject to normal conditions including, inter alia, admission of the Placing Shares to trading on AIM and was organised by Turner Pope, the Company's broker.

The Company intends to utilise the net proceeds of the Placing to further the workstreams detailed in the Company's announcement of 3 December 2018 and provide additional working capital to the Group.

The Group has loans of, in aggregate, £250,000, provided by Christopher Brown that are due for repayment on or before 31 March 2019, if the board of the Company believes that the Company has sufficient funds available to it to repay the loans otherwise the loans shall be automatically extended.  Further announcements will be made as appropriate.

The Company has issued 1,530,000 warrants giving the right to acquire new Ordinary Shares at a price of 2p for a period of two years to Turner Pope, the Company's broker.

Additional Oil Shale Leases

The Company is also pleased to announce that it has secured seven additional mineral leases from their current holder, subject to their transfer to the Group being approved by The Utah School and Institutional Trust Lands Administration ("SITLA").  The leases cover approximately 12,500 acres in aggregate with approximately 1.5bn barrels of oil in place (as measured by the United States Geological Society).  These leases are located within the Uintah Basin, in the same Green River formation as the Company's other two leases, in Utah.  There will be minimal ongoing costs in respect of these additional leases.

Director Appointment

The Company is also pleased to announce the appointment of Mr Laurence Read as a Non-Executive Director of the Company commencing 1 January 2019.  Mr Read has considerable corporate experience advising natural resources companies and brings valuable knowledge and expertise to assist the Group as it considers the optimum next steps for the development and advancement of TurboShale's RF technology.

Admission

The Placing Shares will rank pari passu with the existing Ordinary Shares and application will be made for the Placing Shares to be admitted to trading on AIM ("Admission").  It is expected that Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 21 December 2018.

Following Admission of the Placing Shares, the Company's issued share capital will consist of 90,794,270 Ordinary Shares with voting rights.  There are no Ordinary Shares held in treasury.  The figure of 90,794,270 may be used by shareholders, following Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Additional information on Laurence Read

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

Laurence Thomas Martin Read, aged 41

Current directorships/partnerships	Past directorships/partnerships (last 5 years)
Anglo Tanzania Gold Limited	Ixis Resources Ltd
Bezant Resources plc	Mineral & Financial Investment Limited
Capital Metals Limited	TERN plc
Europa Metals Ltd
Europa Metals Iberia S.L.
Mowbrai Ltd

Mr Read does not hold any existing interest in the Company's Ordinary Shares.

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

Enquiries:

TomCo Energy plc

Andrew Jones (Chairman)                                             +44(0)20 3 823 3635

John Potter (CEO)

Strand Hanson Limited                                                  (Nominated Adviser)

James Harris                                                                       +44 (0) 20 7409 3494

Richard Tulloch

James Dance

Turner Pope                                                                       (Broker)

Andy Thacker                                                                    +44 (0)20 3621 4120

For further information, please visit www.tomcoenergy.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

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