Touchstone Exploration has raised approximately US$10.9 million through an equity financing that gives the Canadian energy company additional capital for its operations in Trinidad and Tobago.
The fundraising was priced at 7 pence per new share and is expected to bring in around £8.1 million, equivalent to roughly C$15.0 million. The proceeds strengthen Touchstone’s funding position and provide the company with more room to manage operational and development priorities.
Purebond Limited, Touchstone’s largest shareholder, provided most of the funding. Its commitment totalled approximately US$10.3 million through a combination of subscription shares and debt securities.
The deal also means shareholders will be watching dilution and voting rights closely. New equity issuance can reduce existing investors’ ownership percentages, while a large contribution from one shareholder can increase its overall influence.
The raise improves Touchstone’s near-term financial position. It gives the company capital to support activity across its Trinidad and Tobago portfolio and reduces immediate funding pressure.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
