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Touchstone Exploration Faces Funding Shortfall in Private Placement

Story Highlights
  • Touchstone Exploration is a Calgary-based company in petroleum and natural gas.
  • Touchstone faces a funding shortfall as only part of the private placement funds were received.
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Touchstone Exploration Faces Funding Shortfall in Private Placement

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An announcement from Touchstone Exploration ( (TSE:TXP) ) is now available.

Touchstone Exploration Inc. announced an update regarding its private placement arranged by Portillion Capital Asset Management Limited and Oak Securities. Despite assurances, a significant portion of the funds, specifically £10,324,500 out of £15,375,000, has not been received, impacting the company’s financial plans. As a result, Touchstone has closed on the £5,050,500 received, issuing 24,636,586 common shares, while the remaining shares will be canceled. The company is exploring options to address the shortfall and is considering a new application to the TSX for further issuance of shares to secure necessary funding for its 2025 capital program. This situation may affect Touchstone’s ability to meet its obligations under a loan agreement with Republic Bank Limited, requiring the company to raise approximately US$18 million by the end of 2025.

More about Touchstone Exploration

Touchstone Exploration Inc. is a Calgary, Alberta-based company engaged in acquiring interests in petroleum and natural gas rights, as well as the exploration, development, production, and sale of petroleum and natural gas. The company operates primarily in onshore properties located in the Republic of Trinidad and Tobago and is publicly traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol ‘TXP’.

For an in-depth examination of TXP stock, go to TipRanks’ Overview page.

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