TomCo Energy PLC Further Extension of Valkor Loan (3479U)
01 Agosto 2022 - 1:00AM
UK Regulatory
TIDMTOM
RNS Number : 3479U
TomCo Energy PLC
01 August 2022
1 August 2022
TOMCO ENERGY PLC
("TomCo" or the "Company")
Further Extension of Valkor Loan
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, announces an 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"), used
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 repayment date to on or
before 30 June 2022 and on 28 June 2022 that it had been further
extended to 31 July 2022. The terms of the Loan have now been
further varied in order to extend the repayment date to on or
before 31 August 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 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
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 .
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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