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Goodman Derrick LLP advises TomCo on its £1.5m AIM placing

Goodman Derrick LLP’s Capital Markets team has advised AIM quoted client Tomco Energy plc in relation to its placing undertaken by joint brokers, Novum Securities and Turner Pope Investments, raising £1.5m.  TomCo will issue 375,000,000 new ordinary shares together with one warrant for every two placing shares allotted.  The fundraising will allow Tomco to meet its joint venture funding obligations to Greenfield Energy LLC which can now advance operations at Petroteq Energy Inc’s existing oil sands plant at Asphalt Ridge, Utah (the "POSP")

John Potter, CEO, commented: 

"We are pleased that we have been able to secure the necessary funding via the Placing to enable us to advance Greenfield, to undertake the upgrades to the POSP and complete the associated test programme.  We look forward to keeping shareholders updated as we seek to demonstrate the commerciality of the Oil Sands Technology."

The Goodman Derrick team was led by Dominic Prentis (Partner, Corporate) and Richard Pull (Senior Associate, Corporate).

For further information

Dominic Prentis, Partner, Corporate, +44 (0)20 7421 7956, dprentis@gdlaw.co.uk

James Caulfield, Head of Business Development, +44 (0)20 7421 7968, jcaulfield@gdlaw.co.uk

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