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TXO

  • BY: Andrew Hore |
  • POSTED: 05/12/2013 |

Oil recycling services provider TXO is raising £500,000 at 0.1p a share.

The shares fell 0.1p to 0.12p, which values the existing share capital at £2.59m. The latest placing will increase TCO’s share capital by nearly one-third. TXO is also issuing 6.6m shares to Swandale to cover the difference between the conversion price of 0.16p a share for the loan stock it owns and the placing price.

The net proceeds of the placing will be £455,000, of which £200,000 will be spent on increasing TXO’s stake in Oil Recovery Services Ltd (ORS) from 15.1% to 25.1%. ORS (www.oilrecoveryservices.com) has developed technology to reprocess waste oils and remediate dirty water. TXO has options to take the stake to 49.9%.

TXO has signed non-binding terms for the purchase of a 30% stake in Oil Tech Royalties Inc (OTR). OTR has developeed a vibrocavitational ultrasonic reactor valve (RAP) which is capable of improving the homogeneity, viscosity and other physical properties of heavy crude oil, low quality fuel oil and diesel. The RAP technology should also reduce costs and lower emissions.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2013_50.pdf

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