Touchstone Exploration has provided an update regarding its previously announced private placement.
Further to the Company's June 16, 2025 announcement, £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 distributed 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.
Source: Touchstone Exploration
