**Summary**
TomCo Energy PLC (AIMTOM) announced a renewed partnership with Valkor LLC, its principal contractor and technical partner, through Greenfield Energy, LLC, which is now jointly owned (50:50) by both companies. This collaboration aims to jointly exploit oil-sands acreage in the Uinta Basin, Utah, leveraging Valkors expertise and technology. Key highlights include
1. **Partnership and Ownership**Valkor received a 50% ownership interest in Greenfield, enabling closer collaboration to unlock the potential of Greenfields leased oil-sands acreage. This includes potential drilling on AC Oil LLCs leased acreage and the construction of an oil sands separation plant, contingent on additional funding.
2. **Loan Amendment and Conversion**Valkor agreed to amend its existing loan facility with Greenfield, converting approximately half of the outstanding principal and accrued interest into new ordinary shares of TomCo at a premium price of 0.1p per share, significantly reducing the groups indebtedness.
3. **Appointment of Non-Executive Director**: Steven Byle, Valkors founder and CEO, is set to join TomCos Board as a Non-Executive Director, pending due diligence, to support the companys growth and development.
4. **Equity Fundraise**TomCo raised £550,000 through a placing and subscription with existing and new investors to provide additional working capital and strengthen its financial position.
5. **Strategic Objectives**The fundraise and partnership aim to support TomCos strategic goals, including potential drilling operations and the development of an oil sands separation plant, subject to securing additional funding.
Malcolm Groat, Executive Chairman of TomCo, expressed satisfaction with the agreement, highlighting the alignment of interests with Valkor and the potential for significant growth. The company also acknowledged the continued support of its long-term shareholders in the fundraise.
**Key Figures**
**Fundraise**: £550000 gross
**Loan Conversion**: $399750 settled via 290500000 new shares at 0.1p per share
**Enlarged Share Capital**: 6054635276 Ordinary Shares post-admission
This announcement underscores TomCos strategic moves to enhance its financial position, reduce debt, and leverage partnerships for future growth in the energy sector.