TomCo Energy PLC on Friday said it has raised £100,000 through a subscription of 125.0 million new shares priced at 0.08 pence each.

The sum represents a 46% premium to the closing price on Thursday of 0.055p.

Shares in the oil development group operating in the US were up 19% to 0.065p each on Friday afternoon.

It said the subscription is with an existing shareholder, and the shares represent around 3.9% of its enlarged share capital.

TomCo will use the funds to cover costs of developing Tar Sands Holdings II in Utah, via its Greenfield Energy subsidiary.

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