TomCo Energy PLC on Wednesday said it has raised £300,000 through a placing and subscription of shares.

The oil development group said it has raised £300,000 through a GP200,000 placing and a £100,000 subscription, for 666.7 million new shares priced at 0.045 pence each.

Shares in TomCo Energy fell 41% to 0.050p at midday on Wednesday in London.

The fundraise shares will represent approximately 17% of the company’s enlarged issued share capital.

The fundraise has been undertaken to provide additional funds towards the company’s anticipated expenditure as it seeks to progress its plans for its wholly owned subsidiary, Greenfield Energy LLC, in relation to the Tar Sands Holdings II LLC site located in the Uinta Basin, Utah, US.

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