Touchstone Exploration Inc. (TSX, LON:TXP) has provided 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 Exploration will provide a further update in due course.
