TomCo Energy plc (LON:TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, has announced that the Company has received a conversion notice from a Convertible Loan subscriber to convert the remaining £25,000 principal amount of the Convertible Loan and associated interest theron of £1,250 (5%), into new ordinary shares of no-par value in the capital of the Company. Following this final conversion, there is no amount outstanding under the Convertible Loan facility, full details of which were set out in the Company’s announcement of 30 March 2023.
The conversion price per new Ordinary Share under the terms of the facility is the lower of: (i) 0.60 pence; and (ii) the volume-weighted average price of an Ordinary Share during any five of the fifteen business days prior to service or deemed service of a conversion notice, as selected by the noteholder concerned and sourced from Bloomberg L.P., discounted by 15%. Accordingly, the conversion price has been determined to be 0.061999 pence per new Ordinary Share such that the conversion will result in 42,339,393 new Ordinary Shares being issued to the subscriber concerned.
Admission to trading
Application will be made to the London Stock Exchange for the 42,339,393 Conversion Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Conversion Shares on AIM will commence at 8.00 a.m. on or around 10 July 2023.
Total Voting Rights
On Admission, TomCo Energy’s issued share capital will consist of 3,062,408,610 Ordinary Shares, each with one voting right. There are no shares held in treasury. Therefore, the Company’s total number of Ordinary Shares and voting rights will be 3,062,408,610 and this figure may be used by shareholders following Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Capitalised terms not otherwise defined in this announcement have the same meanings as ascribed to them in the Company’s announcement of 30 March 2023.
