CALGARY, ALBERTA: Touchstone Exploration Inc. (TSX, LSE: TXP) has raised aggregate gross proceeds of roughly US$13 million through the placing of a complete of 19.924 million new common shares of no par value, at a price of 54.5 pence per Fundraise Share (C$0.90 per Fundraise Share in respect of the Canadian Private Placement).
The Fundraise Shares will represent roughly 8.5 percent of the total issued share capital within the corporate on admission to trading.
Of the aggregate common shares to be issued pursuant to the fundraise, the corporate has positioned 8,704,400 new common shares with investors in Canada elevating gross proceeds of roughly US$5.8 million, and 11,220,000 new common shares with institutional investors within the UK elevating gross proceeds of roughly US$7.5 million.
Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited and Canaccord Genuity Limited acted as Joint Bookrunners in reference to the UK Placing.
Paul R. Baay, President and Chief Executive Officer of Touchstone Exploration, commented: “I am happy to confirm the completion of our fundraising, with strong support from each existing and new shareholders.
The Fundraise permits us to speed up our exploration and development program on the Ortoire block, which has yielded excellent outcomes to date. With Coho having recently been introduced onto manufacturing and facility construction at Cascadura underway, we’re making substantial progress towards becoming an energy manufacturing firm of significant scale, with a vary of additional exploration prospects.
The Fundraise permits us to speed up sure aspects of our exploration and development technique whereas we focus resources on bringing Cascadura onto production. I look ahead to updating shareholders on our progress.”
Application will be made for the Fundraise Shares, which will rank pari passu with the Company’s existing issued share capital, to be admitted to buying and selling on AIM and the Toronto Stock Exchange.
Touchstone Exploration Inc. is a Calgary, Alberta based firm engaged within the enterprise of buying pursuits in petroleum and pure gas rights and the exploration, development, manufacturing and sale of petroleum and pure gas. Touchstone is currently active in onshore properties located within the Republic of Trinidad and Tobago. The Company’s Common Shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the image “TXP”.