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TomCo Energy PLC on Tuesday said it has raised £50,000 through a subscription of 50.0 million new shares priced at 0.10 pence each.

The subscription price represents a 5.3% discount to the closing price of 0.095p on Friday last week.

Shares in the oil development group operating in the US were up 1.7% to 0.097p each on Tuesday afternoon.

It said the subscription is with an existing shareholder, and the shares represent around 1.5% 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.