TomCo agrees another extension to its loan from Valkor
Oil developer TomCo announced a further extension to its unsecured loan from Valkor Oil on Tuesday, with the remaining outstanding principal totalling $1m.
The AIM-traded firm took out the loan for its wholly-owned subsidiary Greenfield Energy, which used it for the acquisition of the initial 10% of the membership Interests in Tar Sands Holdings II, as announced on 16 November last year.
On 31 May, 28 June, 1 August, 1 September and 14 October, TomCo announced that the terms of the loan had been varied to extend the repayment date, with the last extension being to on or before 31 October.
“The company announces that the terms of the Valkor loan have now been further varied to extend the repayment date for the remaining $1m principal amount of the loan to on or before 30 November,” TomCo said on Tuesday.
At 1540 GMT, shares in TomCo Energy were down 9.38% to 0.44p.
Reporting by Josh White for Sharecast.com.