TomCo Energy PLC (AIM:TOM, OTC:TMCGF) told investors that its subsidiary Greenfield Energy LLC has extended the deadline for its option deal for a further stake in Tar Sands Holdings II LLC (TSHII) into the new year.
The AIM-quoted company, in a statement, noted that the previous 31 December 2022 deadline has now moved to 3 March 2023, by delivering notice of exercise before 28 February.
It continues to allow Greenfield to acquire the remaining 90% of TSHII that it doesn’t already own for a cash consideration of US$16.25mln.
TomCo noted meanwhile that “there can be no certainty that the required funding can be secured to complete the acquisition of the remaining 90% of the membership interests and further announcements will be made as and when appropriate.”