TomCo has raised £400,000 before expenses via a placing of 571.4m new shares at 0.07p each. It intended to use the proceeds to advance its Palm Oil business and for working capital purposes. In addition, the Convertible Loan of £150,000 provided to the company by Christopher Brown, TomCo's Chief Executive, would be converted into 214.3m shares at the Placing Price in accordance with the previously announced terms. Also in accordance with the terms of the Convertible Loan, Mr. Brown has been issued 107,142,857 warrants giving the right to acquire new shares at a price of 0.17p for a period of two years.
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