Further Loan

RNS Number : 2970J

TomCo Energy PLC

28 March 2018

 

28 March 2018

TomCo Energy plc (AIM: TOM)

("TomCo" or the "Company")

Further Loan

The Company announces that Christopher Brown has provided a further unsecured loan of £100,000 (the "Loan") which will be applied to general working capital purposes.  The Loan, which is in addition to the loan of £100,000 provided by Mr Brown as announced on 2 January 2018, will incur interest of 8% per annum, payable monthly in arrears, and is repayable in full on 31 March 2019, or earlier at the Company's election.  Following receipt of the proceeds of the Loan, the Company currently has approximately £177,000 of cash which is sufficient for its present requirements until August 2018, on the basis that the Directors will defer their salaries for certain months to manage the Company's cash position.

As Mr Brown is both a previous Director and substantial shareholder in the Company, being interested in 19.56% of the Company's issued share capital, the Loan is deemed to be a related party transaction under the AIM Rules for Companies.  The Directors of the Company, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

The Board would like to thank Chris for his continued support.

Enquiries:

For further information, please visit www.tomcoenergy.uk.com or contact:

TomCo Energy plc

Contact:                                             

Telephone:                                          [phone]

Andrew Jones (Chairman)                  [e-mail]

John Potter (CEO)                              [e-mail]

Strand Hanson                                  (Nominated Adviser)

Contact:                                 

James Harris / Richard Tulloch          [phone]

SVS Securities plc                            (Broker)

Contact:

Tom Curran / Ben Tadd                      [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

- ENDS -

 

END

 

 

MSCPGUAUWUPRGAR