Touchstone Exploration Raises £6.32 Million in Private Placement

Touchstone Exploration Inc. has announced a private placement to raise £6.32 million, equivalent to approximately US$8.44 million. This involves issuing 57,454,545 new common shares at 11 pence each to new and existing investors. In addition, the company plans a retail offer to existing shareholders, aiming to raise up to £0.68 million.

The new investor, Purebond Limited, will appoint a non-executive director to Touchstone's board while holding over 15% of the company shares. The proceeds will support Touchstone's 2025 capital program, focusing on a development well in the Central block and investments in the Cascadura gas facility project.

This financing helps Touchstone fulfill obligations under a loan agreement with Republic Bank Limited, ensuring continuity in its strategic investment initiatives. Regulatory approvals are awaited for trading the new shares on London and Toronto exchanges.