TomCo Energy PLC Termination of Placing, Update re JV & Restoration (4409Q)
19 Giugno 2020 - 8:00AM
UK Regulatory
TIDMTOM
RNS Number : 4409Q
TomCo Energy PLC
19 June 2020
19 June 2020
TOMCO ENERGY PLC
("TomCo" or the "Company")
Termination of Placing, Update regarding JV
and Restoration of Trading
TomCo Energy plc (AIM: TOM) announces that, further to its
announcement of 18 June 2020, following discussion with the
Company's broker regarding the status of the Placing, the Placing
has now been terminated in accordance with the terms of the placing
agreement between the Company and TPI. Accordingly, the Placing as
announced on 17 June 2020, will now not proceed.
Following discussions with Valkor, the Company confirms that a
revised JV Agreement has now been entered into and that Greenfield,
t he JV company formed pursuant to the JV Agreement and in which
TomCo has a 50% interest, has been established .
Pursuant to the amended JV Agreement, Valkor has agreed, subject
to Valkor being issued a licence by Quadrise to its MSAR(R)
Technology as set out in the Company's announcement of 18 June
2020, to assign to Greenfield the benefit of such licence with
effect from the date of its grant.
Further, the Company will no longer be required to provide
funding to Greenfield of up to US$1.5 million, as was previously
envisaged, until such time as TomCo has such funds available.
Accordingly, Valkor and TomCo will review and seek to agree, inter
alia, the budget for the proposed upgrades to the POSP and phasing
of the associated tests pursuant to the JV Agreement, before TomCo
commits to any material expenditure . The Company will provide
further updates to shareholders in this regard, as appropriate. All
other material terms of the JV Agreement remain the same.
As previously announced on 19 March 2020, the Company has taken
the decision to postpone the next test of the Turboshale RF
technology.
As at 18 June 2020, the Company had available cash resources of
approximately GBP360,000, which, prior to the cost of any works to
be undertaken under the JV Agreement and associated upgrades to the
POSP which are yet to be agreed, the Board believes is sufficient
through to the end of 2020.
Restoration of trading
The Company confirms that trading in the Ordinary Shares on AIM
will resume with effect from 7.30 a.m. today.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meanings as given to them in the
announcement of 17 June 2020.
Enquiries:
TomCo Energy plc
Stephen West (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / Jack Botros +44 (0)20 7409 3494
Turner Pope (Broker)
Andy Thacker / Zoe Alexander +44 (0)20 3657 0050
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.
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END
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