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Touchstone Exploration Faces Funding Shortfall in Private Placement

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Touchstone Exploration Faces Funding Shortfall in Private Placement

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Touchstone Exploration ( (TSE:TXP) ) has provided an update.

Touchstone Exploration Inc. has announced that £10,324,500 of the £15,375,000 expected from its private placement has not been received, with Portillion Capital Asset Management Limited failing to fulfill its £10,000,000 subscription commitment. The company has closed on £5,050,500 of the proceeds, issuing 24,636,586 common shares, while the remaining 50,363,414 shares will be canceled. Touchstone is exploring options to secure necessary funding to continue its 2025 capital program and meet obligations under a loan agreement with Republic Bank Limited. The company plans to apply for a new issuance of shares with the Toronto Stock Exchange to potentially complete Portillion’s subscription if funds are received.

More about Touchstone Exploration

Touchstone Exploration Inc. is a Calgary, Alberta-based company involved in acquiring interests in petroleum and natural gas rights, and the exploration, development, production, and sale of petroleum and natural gas. The company is active in onshore properties in Trinidad and Tobago and its shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol ‘TXP’.

For detailed information about TXP stock, go to TipRanks’ Stock Analysis page.

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