# Touchstone Exploration raises US$30 million to continue exploration and development on the Ortoire block

- Link: https://www.directorstalkinterviews.com/touchstone-exploration-inc-raises-us30-million-to-continue-exploration-and-development-on-the-ortoire-block/412934731
- Published: 2020-11-03T07:21:27+00:00
- Author: Giles

**[Touchstone Exploration](https://www.directorstalkinterviews.com/company/touchstone-exploration-inc/txp.l)
Inc.** (TSX / [LON:TXP](https://www.directorstalkinterviews.com/company/touchstone-exploration-inc/txp.l))
has announced that further to the Company’s announcement on November 2, 2020 regarding
the proposed private placing, the Company has placed 24,291,866 new common shares
of no par value with institutional and other investors in the United Kingdom and
Canada at a price of 95 pence per Placing Share (approximately C$1.64), raising 
gross proceeds of approximately US$30.0 million (approximately £23.1 million and
C$39.8 million). The Placing Price represents a 3.4 percent and 5.7 percent discount
to 98.39 pence and 100.76 pence, respectively, being the five and ten day volume
weighted average price of the Company’s common shares on the AIM market of the London
Stock Exchange as of November 2, 2020. Shore Capital and Corporate Limited and Shore
Capital Stockbrokers Limited and Canaccord Genuity Limited acted as Joint Bookrunners
in connection with the placing of Placing Shares with investors in the UK. Canaccord
acted as Sole Bookrunner in connection with the placing of Placing Shares with investors
in Canada.

> **Paul R. Baay, Touchstone Exploration President and Chief Executive Officer, 
> commented:**
> “_Following the significant exploration success at Ortoire, which has consistently
> exceeded our expectations, the Placing will allow us to continue our exploration
> and development activities we have planned for the Ortoire block, as we seek to
> bring our existing natural gas discoveries onto production and drill further prospective
> targets. We are delighted by the support we have received from new and existing
> investors. We continue to thank our shareholders for their ongoing support, and
> we look forward to continuing to update shareholders as the exploration program
> continues._“

**Listing and Voting Rights**

Application has been made for the Placing Shares, which will rank pari passu with
the Company’s existing issued share capital, to be admitted to trading on the Toronto
Stock Exchange and AIM. Subject to the receipt of required approvals from the TSX
and AIM, the Placing Shares are expected to be issued and admitted to trading on
November 12, 2020. The Placing Shares will represent approximately 11.6 percent 
of the total issued share capital in the Company on Admission.

Placing Shares issued in connection with the Canadian Placing will be subject to
a four-month and one day restricted hold period which will prevent such Placing 
Shares from being resold in Canada, through a Canadian exchange or otherwise, during
the restricted period without an exemption from the Canadian prospectus requirement.
Any Placing Shares placed outside of Canada pursuant to the UK Placing will be subject
to the same four-month and one day restricted hold period which will prevent such
Placing Shares from being sold in Canada, but such Placing Shares will otherwise
be freely transferable.

Immediately following Admission of the Placing Shares, the Company’s issued share
capital will consist of 208,699,627 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 a change to their interest 
in, the Company.

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. The company 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”.

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