StockMarketWire.com - Drilling technology group TomCo Energy said it had raised £3.5 million from a share issue to progress its US joint venture with Valkor and Greenfield Energy.

New shares in the company were offered at 0.45p each, representing about 115.5% of the company's current issued share capital.

Every two placing shares had one warrant attached, repsulting in the issue of 388.9 million warrants, with an exercise price of 0.9 for a period of two years.

TomCo also announced that the joint venture had entered into a multi-site licence with Petroteq Energy for the use of its closed-loop system for the recovery of oil from oil sands.


At 9:25am: [LON:TOM] TomCo Energy PLC share price was 0p at 0.63p



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