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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.
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