Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP)(AIM:TXP) announces the admission today of its common shares of no par value ("Common Shares") to trading on the AIM market ("AIM") of the London Stock Exchange ("Admission"). Dealings in the Common Shares will commence today at 8:00 a.m. (GMT) under the ticker "TXP".
In conjunction with the Admission, the Company has successfully raised £1.45 million (approximately C$2.45 million) before expenses by placing 20,000,000 new Common Shares (the "Private Placement") with new United Kingdom investors at a price of 7.25 pence sterling (approximately C$0.12) per Common Share. On Admission, the Company will have 103,137,143 Common Shares issued and outstanding. The Private Placement was led by the Company's joint brokers Shore Capital Stockbrokers Limited (as lead broker) and GMP FirstEnergy (as joint broker). Shore Capital and Corporate Limited acted as financial and nominated advisor to the Company in relation to the Admission.
All Common Shares being issued by the Company pursuant to the Private Placement will be freely transferable outside of Canada; however these shares are subject to a four-month restricted hold period in Canada (beginning today) which will prevent such common shares from being resold in Canada, through a Canadian exchange or otherwise, during the restricted period without an exemption from the Canadian prospectus requirement.
Commenting on today's announcement, Paul Baay, President and Chief Executive Officer of Touchstone, said, "We believe that a dual listing on AIM will provide support to help us achieve our ambitious developmental plans in Trinidad, and today marks a very exciting time for our business. We firmly believe the AIM listing will expedite our onshore developmental and exploration plans and provide long-term value creation to our shareholders."
Additional information is available in the Appendix to the AIM Schedule One Pre-Admission Announcement, which is available on the Company's website (www.touchstoneexploration.com).
Touchstone Exploration Inc. is a Calgary based company engaged in the business of acquiring interests in petroleum and natural gas rights, and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".
SOURCE: Touchstone Exploration Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.