REG - TomCo Energy PLC - Further Extension of Valkor Loan Repayment Terms

TomCo EnergyAnnouncement

28/06/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220628:nRSb3686Qa&default-theme=true

RNS Number : 3686Q  TomCo Energy PLC  28 June 2022

28 June 2022

TOMCO ENERGY PLC

("TomCo" or the "Company")

 

Further Extension of Valkor Loan Repayment Terms

 

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on
using innovative technology to unlock unconventional hydrocarbon resources,
announces a further extension to the repayment date for the unsecured US$1.5
million loan from Valkor Oil & Gas LLC ("Valkor") to the Company's wholly
owned subsidiary, Greenfield Energy LLC ("Greenfield") (the "Loan"), which was
utilised for the acquisition of the initial 10% of the Membership Interests in
Tar Sands Holdings II LLC ("TSHII"), as announced on 16 November 2021.

 

On 31 May 2022, the Company announced that the terms of the Loan had been
varied in order to extend the scheduled repayment date to on or before 30 June
2022.  The terms of the Loan have now been further varied in order to extend
the repayment date to on or before 31 July 2022.

 

As a former joint venture partner, Valkor is considered to be a related party
of the Company (as defined in the AIM Rules for Companies) and, accordingly,
the further variation of the Loan's terms is deemed to constitute a related
party transaction pursuant to AIM Rule 13. The TomCo directors, having
consulted with Strand Hanson Limited, the Company's Nominated Adviser,
consider that the further variation of the Loan's terms is fair and reasonable
insofar as the Company's shareholders are concerned.

 

 

Enquiries:

 

TomCo Energy plc

Malcolm Groat (Chairman) / John Potter (CEO)
  +44 (0)20 3823 3635

 

Strand Hanson Limited (Nominated Adviser)

James Harris / Matthew Chandler
                +44 (0)20 7409 3494

 

Novum Securities Limited (Broker)

Jon Belliss / Colin Rowbury
                          +44 (0)20 7399 9402

 

IFC Advisory Limited (Financial PR)

Tim Metcalfe / Florence Chandler
                  +44 (0)20 3934 6630

 

For further information, please visit www.tomcoenergy.com
(http://www.tomcoenergy.com/) .

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFLDRTIDFIF