Touchstone Exploration Inc. (LSE:TXP) has reported that £10,324,500 of the anticipated £15,375,000 from its recent private placement remains outstanding, due to Portillion Capital Asset Management Limited not fulfilling its £10 million subscription commitment. So far, the company has successfully closed £5,050,500 in proceeds by issuing 24,636,586 common shares. The remaining 50,363,414 shares originally planned will be canceled.
Touchstone is actively considering alternative financing solutions to support its 2025 capital expenditure program and to meet obligations related to a loan agreement with Republic Bank Limited. Additionally, the company intends to seek approval from the Toronto Stock Exchange for a new share issuance that could accommodate Portillion’s subscription if the funds are eventually received.
About Touchstone Exploration
Based in Calgary, Alberta, Touchstone Exploration Inc. specializes in acquiring and managing petroleum and natural gas interests, focusing on the exploration, development, production, and sale of hydrocarbons. The company’s primary operations are located onshore in Trinidad and Tobago. Touchstone’s shares are listed on both the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the ticker symbol ‘TXP’.
Leave a Reply