TomCo Energy PLC Further Extension of Valkor Loan Repayment Terms (3686Q)
28 Giugno 2022 - 8:00AM
UK Regulatory
TIDMTOM
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 .
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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END
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June 28, 2022 02:00 ET (06:00 GMT)
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