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“This is an extremely exciting time for TomCo and our new subsidiary TurboShale,” said Chris Brown, Tomco chief executive.
The company wasn’t able to finance its palm oil project in Sierra Leone, so will turn its attention to its shale oil assets in Utah
It told investors it may go straight to a 2 tonne per hour plant, rather than start with a 1tph starter operation.
Cash proceeds from the share placing are earmarked for TomCo’s palm oil business, as well as for general working capital purposes.