TomCo Energy (GB:TOM) has released an update.
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TomCo Energy PLC has announced their subsidiary Greenfield Energy’s agreement to sell its 10% interest in Tar Sands Holdings II, LLC for $1.575 million, pending shareholder approval. The deal, part of a larger merger initiative involving Integrated Rail and Resources Acquisition Corp., aims to settle outstanding debts and provide working capital for TomCo. Despite the sale, Greenfield will maintain tar sands development rights through existing and potential additional leases.
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