Touchstone ran into some problems with their announced financing.
Apparently there are some UK banking regulations regarding source
of funds from a Saudi investor (according to posts on the LSE forum
for Touchstone.)
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) ("MAR") AS IT FORMS PART OF UK DOMESTIC
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED ("UK MAR").
UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INFORMATION WILL NO LONGER
CONSTITUTE INSIDE INFORMATION.
PRIVATE PLACEMENT UPDATE
CALGARY, ALBERTA (June 30, 2025) - Touchstone Exploration Inc. ("Touchstone" or the "Company")
(TSX, LSE: TXP) provides an update regarding its previously announced private placement arranged by
Portillion Capital Asset Management Limited ("Portillion") and Oak Securities (the "Placement").
As disclosed in the Company's announcement on June 23, 2025, and notwithstanding repeated assurances
from Portillion and Oak Securities, £10,324,500 of the £15,375,000 gross proceeds from the Placement
have not been received. This includes £10,000,000 relating to Portillion's subscription commitment.
As previously announced on May 16, 2025, the Company issued 75,000,000 new common shares to the
settlement agent acting on behalf of OAK Securities for distribution to placees under the Placement. The
extended deadline to complete the Placement under the conditional approval granted by the Toronto Stock
Exchange (the "TSX") expired on June 27, 2025. Consequently, Touchstone closed on the £5,050,500 of
gross proceeds received as of that date, completing the issuance of 24,636,586 common shares, subject
to receipt by the TSX of customary post-closing materials which the Company expects to deliver today.
The remaining 50,363,414 new common shares, which remain with the settlement agent pending receipt
of the outstanding funds, will be cancelled.
Following the cancellation, the Company's issued share capital and total voting rights will consist of
261,097,247 common shares. The Company does not hold any common shares in treasury. This figure
may be used by shareholders to determine if they are required to notify their interest in, or any change to
their interest in, the Company.
The Company is reviewing its options in respect of Portillion's failure to fulfill its subscription commitment
under the Placement. Touchstone remains focused on securing the funding necessary to continue its 2025
capital program, including meeting its obligations under the fourth amended and restated loan agreement
with Republic Bank Limited (the "Loan Agreement").
While there can be no guarantee that the outstanding Placement proceeds will be received, the Company
intends to submit a new application to the TSX for conditional approval of a further issuance of new common
shares, enabling completion of Portillion's subscription should the funds be forthcoming.
Under the terms of the Loan Agreement, Touchstone is required to raise not less than approximately US$18
million in equity proceeds on or before December 31, 2025, or such later date as may be agreed with the
lender. Following the completion of drilling the Cascadura-5 well, the Company will defer further activity
under its 2025 capital program. Considering whether the outstanding Placement funds are ultimately
received, Touchstone will evaluate financing options in the near term to satisfy the requirements of the Loan
Agreement in relation to the raising of equity capital, and to be able to resume its 2025 capital program.
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring
interests in petroleum and natural gas rights and the exploration, development, production and sale of
petroleum and natural gas. Touchstone is currently active in onshore properties located in 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 symbol "TXP".
For further information about Touchstone, please visit our website at www.touchstoneexploration.com or
contact:
Touchstone Exploration Inc.
Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4405
Scott Budau, Chief Financial Officer
Shore Capital (Nominated Advisor and Joint Broker)
Daniel Bush / Toby Gibbs / Tom Knibbs Tel: +44 (0) 207 408 4090
Canaccord Genuity (Joint Broker)
Adam James / Charlie Hammond Tel: +44 (0) 207 523 8000
FTI Consulting (Financial PR)
Nick Hennis / Ben Brewerton / Lucy Wigney Tel: +44 (0) 203 727 1000
Email: touchstone@fticonsulting.com
Source : londonstockexchange.com
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TOUCHSTONE EXPLORATION PROVIDES PRIVATE PLACEMENT UPDATE
CALGARY, ALBERTA (June 23, 2025) - Touchstone Exploration Inc. ("Touchstone" or the "Company")
(TSX, LSE: TXP) provides an update regarding its previously announced private placement.
Further to the Company's June 16, 2025 news release, £10.325 million of the £15.375 million in gross
proceeds from the private placement remains outstanding. Touchstone has been advised by OAK Securities
and Portillion Capital that the settlement of proceeds from certain investors has taken longer than
anticipated. The Company has received assurances that the outstanding funds are expected to be received
by close of business on June 27, 2025.
The Toronto Stock Exchange extended its conditional approval of the private placement, allowing the
Company to complete the offering on or before June 27, 2025.
As previously disclosed, on May 16, 2025, the Company issued 75,000,000 new common shares to the
settlement agent acting on behalf of OAK Securities. To date, 24,636,586 common shares have been
distributed to investors. The remaining 50,363,414 shares are currently held by the settlement agent and
will be issued upon the expected receipt of the outstanding funds.
Operationally, Touchstone has completed running intermediate casing to approximately 5,800 feet at the
Cascadura-5 development well. The Company will now proceed to drill the primary target zone.
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring
interests in petroleum and natural gas rights and the exploration, development, production and sale of
petroleum and natural gas. Touchstone is currently active in onshore properties located in 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 symbol "TXP". For further information about
Touchstone, please visit our website at www.touchstoneexploration.com or contact:
Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4405
Scott Budau, Chief Financial Officer
Source: londonstockexchange.com
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TOUCHSTONE EXPLORATION PROVIDES PRIVATE PLACEMENT UPDATE
CALGARY, ALBERTA (June 16, 2025) - Touchstone Exploration Inc. ("Touchstone" or the "Company")
(TSX, LSE: TXP) provides the following update regarding its previously announced private placement.
Further to the Company's May 8, 2025 announcement regarding a £15.375 million private placement
arranged by Portillion Capital and OAK Securities, the Company advises that £10.325 million of the gross
proceeds remains outstanding. Touchstone has been informed that Portillion Capital and OAK Securities
are finalizing documentation related to the settlement of proceeds from certain institutional investors. The
Company expects to receive the outstanding funds on or before the close of business on June 20, 2025.
To date, the Company has received £5.05 million in gross proceeds, with the corresponding settlement
completed through the issuance of new Touchstone common shares of no-par value. These proceeds have
been allocated to the ongoing Cascadura drilling program and for general working capital purposes. The
delay in receiving the remaining funds has not impacted the Company's current capital activities.
On May 16, 2025, the Company issued 75,000,000 new common shares to the settlement agent acting on
behalf of OAK Securities. Of these, 24,636,586 common shares have been distributed to investors. The
remaining 50,363,414 shares are being held by the settlement agent and will be issued upon receipt of the
outstanding funds.
The Toronto Stock Exchange has extended its conditional approval of the private placement, permitting the
Company to complete the offering on or before June 20, 2025.
Touchstone will provide a further update in due course.
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring
interests in petroleum and natural gas rights and the exploration, development, production and sale of
petroleum and natural gas. Touchstone is currently active in onshore properties located in 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 symbol "TXP". For further information about
Touchstone, please visit our website at www.touchstoneexploration.com or contact:
Touchstone Exploration Inc.
Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4405
Scott Budau, Chief Financial Officer
Source : londonstockexchange.com |
