Touchstone Exploration Inc - Calgary, Canada-based upstream oil and gas company - Raises USD13 million through a placing in Canada and the UK of 19.9 million shares at a price of 54.5 pence each.
The Canadian placing raises USD5.8 million through the placement of 8.7 million shares at the placing price. The UK placing raises USD7.5 million through the placing of 11.2 million shares at the placing price.
Shore Capital & Corporate Ltd, Shore Capital Stockbroker Ltd and Canaccord Genuity Ltd acted as joint bookrunners in connection with the UK placing.
"The fundraise allows us to accelerate our exploration and development program on the Ortoire block, which has yielded excellent results to date. With Coho having recently been brought onto production and facility construction at Cascadura underway, we are making substantial progress towards becoming an energy production company of significant scale, with a range of additional exploration prospects. The fundraise allows us to accelerate certain aspects of our exploration and development strategy while we focus resources on bringing Cascadura onto production," says President & Chief Executive Paul Baay.
The Ortoire block is located in Trinidad & Tobago. Coho and Cacadura are wells at the block.
Current stock price: 55.50 pence, closing 12% lower in London on Tuesday
12-month change: down 47%
By Heather Rydings, Alliance News senior economics reporter
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