Touchstone awaits £10.3 million from private placement

Published 23/06/2025, 07:20
Touchstone awaits £10.3 million from private placement

CALGARY - Touchstone Exploration (OTC:PBEGF) Inc. (TSX, LSE:TXP) is still waiting for £10.325 million of the £15.375 million in gross proceeds from its previously announced private placement, according to a company statement released Monday.

The company reported that settlement of proceeds from certain investors has taken longer than expected, with assurances that outstanding funds should arrive by June 27, 2025. The Toronto Stock Exchange has extended its conditional approval of the private placement until this date.

On May 16, Touchstone issued 75 million new common shares to a settlement agent acting for OAK Securities. So far, only 24,636,586 shares have been distributed to investors, with the remaining 50,363,414 shares held by the settlement agent pending receipt of the outstanding funds.

The Calgary-based oil and gas company also provided a brief operational update, noting it has completed running intermediate casing to approximately 5,800 feet at its Cascadura-5 development well in Trinidad and Tobago, and will proceed to drill the primary target zone.

Touchstone Exploration is engaged in petroleum and natural gas exploration, development, and production, with operations currently focused in Trinidad and Tobago.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.