REG - TomCo Energy PLC - Partial Repayment & Extension of Valkor Loan

TomCo EnergyAnnouncement

14/10/2022 07:00

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RNS Number : 8699C  TomCo Energy PLC  14 October 2022

14 October 2022

TOMCO ENERGY PLC

("TomCo" or the "Company")

 

Partial Repayment and Further Extension of the Valkor Loan

 

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on
using innovative technology to unlock unconventional hydrocarbon resources,
announces a repayment of US$250,000 and further extension to the repayment
date for the remaining US$1,000,000 outstanding principal amount of the
unsecured loan from Valkor Oil & Gas LLC ("Valkor") to the Company's
wholly owned subsidiary, Greenfield Energy LLC (the "Valkor Loan"), which was
used for the acquisition of the initial 10% of the Membership Interests in Tar
Sands Holdings II LLC, as detailed in the Company's announcement of 16
November 2021.

 

On 31 May 2022, 28 June 2022, 1 August 2022 and 1 September 2022, the Company
announced that the terms of the Valkor Loan had been varied in order to extend
the repayment date, with the last extension being to on or before 14 October
2022. The Company announces that the terms of the Valkor Loan have now been
further varied to extend the repayment date for the remaining US$1,000,000
principal amount of the loan to on or before 31 October 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 Valkor 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 Valkor 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.

 

 

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