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TomCo Energy raises £400,000 in share placing

Cash proceeds from the share placing are earmarked for TomCo’s palm oil business, as well as for general working capital purposes.
Palm oil
TomCo wants to set up a scalable palm oil business in Africa

TomCo Energy Plc (LON:TOM ) has raised £400,000 through a share placing as it looks to advance its new palm oil business.

It is issuing 571.4mln new shares priced at 0.07p, a discount to Thursday’s closing price of 0.096p.

The company also announced that an existing £150,000 convertible loan will now by executed, and as a result will be settled with the issue of 214.2mln new shares.

Following the issue of new shares chief executive Christopher Brown will directly own 7.5% of the company, whilst he is also the life tenant of the BBCK Family Trust which with 17.3% is the group’s largest shareholder.

Cash proceeds from the share placing are earmarked for TomCo’s palm oil business, as well as for general working capital purposes.

TomCo has in recent months conducted due diligence for its proposed palm oil investment in Sierra Leone.

In August, the group release details of a proposed 1 tonne per hour plant, which could be scaled up to 2tph.  The necessary equipment, to be sourced from India, was included in what TomCo described as a simple and robust project design.

TomCo expects a processing plant for palm oil and fresh fruit bunches to cost around US$500,000 and last month said it would need to raise additional working capital.

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