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By Anthony O. Goriainoff
TomCo Energy shares rose after it said it has raised 100,000 pounds ($121,740) via a premium subscription with an existing shareholder, and that it will use the capital to further develop its Greenfield Energy development in Utah.
Shares at 0732 GMT were up 0.01 pence, or 18%, at 0.07 pence.
The London-listed oil company said it will issue 125 million new ordinary shares at 0.08 pence a share, representing a premium of around 45.5% to Thursday’s closing price of 0.055 pence.
The company said it continues to pursue a number of routes to secure a potential funding package for Greenfield, but that this was taking longer than anticipated due to the current challenging economic environment. Still the board said it remained optimistic that an appropriate transaction will be agreed in the fourth quarter.
Write to Anthony O. Goriainoff at [email protected]
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