Business
Touchstone Exploration Provides Private Placement Update
CALGARY, AB / ACCESS Newswire / June 23, 2025 / Touchstone Exploration Inc. ("Touchstone" or t...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"Touchstone Exploration Provides Private Placement UpdateCALGARY, AB / ACCESS Newswire / June 23, 2025 / Touchstone Exploration Inc. (\"Touchstone\" or the \"Company\") (TSX:TXP)(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) 750-4405Scott Budau, Chief Financial OfficerAdvisory Regarding Forward-Looking StatementsThe information provided in this news release contains certain forward-looking statements and information (collectively, \"forward-looking statements\") within the meanin...