Tomco Energy plc (LON:TOM) revealed a financing facility struck with Windsor Capital Partners in 2013 has been terminated by mutual consent.
Under the liquid facility Tomco issued Windsor with 100 million shares to Windsor, increasing the shares in issue by 6%, in exchange for a promissory note.
The idea was that TomCo got back the proceeds of the sale of these 100mln shares over the life of the note, based on "trigger days" when Windsor sought to sell the shares up to a maximum of 10% of the daily volume averaged over any five days.
It was agreed that any shares not sold during the course of the facility would be returned to Tomco and cancelled. Around 10.9mln are outstanding and are set to be cancelled on July 20.
Toemco shares lost 14.25% to 0.103p.