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Highlights

  • TXP has received GBP 5.05 million from its GBP 15.375 million private placement.
  • The company has GBP 10.325 million outstanding; settlement documentation is currently underway.
  • TXP has 50.4 million shares held by agent pending final receipt of funds.

Touchstone Exploration Inc. (TSX:TXP) is a Calgary, Alberta-based oil and gas company focused on onshore exploration, development, and production in Trinidad and Tobago. The company holds interests in several petroleum and natural gas rights in the country and is listed on both the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol TXP. Its current activities include field development and drilling programs aimed at increasing domestic energy production.

The company has provided an update on the status of its GBP 15.375 million private placement originally announced on May 8, 2025. As of mid-June, the company has received GBP 5.05 million in gross proceeds, while GBP 10.325 million remains outstanding. Touchstone was advised by placement agents Portillion Capital and OAK Securities that final documentation is being completed for institutional investors involved in the remaining funding. The company expects to receive the remaining proceeds on or before the close of business on June 20, 2025.

To date, the GBP 5.05 million received has been processed through the issuance of new common shares of no-par value. These funds have been directed toward the company’s drilling activities at its Cascadura program and used for general working capital. According to the company, the delay in the receipt of the remaining proceeds has not impacted its capital operations to date.

As part of the private placement execution, Touchstone issued a total of 75 million new common shares on May 16, 2025, to a settlement agent representing OAK Securities. Of these, 24,636,586 shares have already been distributed to investors. The remaining 50,363,414 shares are being held by the settlement agent in escrow and will be formally issued once the balance of the placement proceeds is received.

The Toronto Stock Exchange has granted an extension to the conditional approval of the private placement, allowing Touchstone to complete the transaction by June 20, 2025. The company must settle the outstanding amount by that date to meet the placement requirements.

This private placement was arranged to provide funding for the company’s operational and capital expenditure needs, with a focus on continuing exploration and development at its Trinidad-based assets. The Cascadura drilling program, which is part of Touchstone’s broader onshore development strategy in the Republic of Trinidad and Tobago, remains a central part of its field activities.

Touchstone has indicated that it continues to work closely with the settlement agent and its advisors to complete the remaining steps in the placement process. No major operational delays have been reported as a result of the pending funds.