EXERCISE OF STOCK OPTIONS

Touchstone Exploration Inc.
30 May 2024
 

EXERCISE OF STOCK OPTIONS, DIRECTOR / PDMR SHAREHOLDING AND RULE 2.9 ANNOUNCEMENT

 

CALGARY, ALBERTA (May 30, 2024) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX, LSE: TXP) announces that a non-executive director and certain employees gave notice to exercise stock options representing an aggregate 250,000 common shares of no par value in the Company ("Common Shares") on May 28, 2024.

 

As part of this exercise, Dr. Harrie Vredenburg, non-executive director, exercised stock options representing 115,000 Common Shares with an exercise price of C$0.23 (approximately 13.2 pence) per stock option. The stock options were issued on April 5, 2019 in accordance with the Company's shareholder approved stock option plan and were set to expire on May 31, 2024. The associated Common Shares were issued on May 29, 2024.

 

Application has been made for the 250,000 new Common Shares, which will rank pari passu with the Company's existing issued share capital, to be admitted to trading on AIM, which is expected to take place on June 6, 2024 ("Admission"). Immediately following Admission, the Company's issued share capital will consist of 235,299,086 Common Shares. The Company does not hold any Common Shares in treasury. This figure may be used by shareholders to determine if they are required to notify their interest in, or a change to their interest in, the Company.

 

In accordance with Rule 2.9 of the City Code on Takeovers and Mergers, Touchstone confirms that, following Admission, it will have in issue and admitted to trading and listing (as the case may be) on the AIM market of the London Stock Exchange and/or the Toronto Stock Exchange, 235,299,086 common shares. The International Securities Identification Number (ISIN) of the ordinary shares is CA89156L1085.

 

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail regarding the above transaction.

 

Touchstone Exploration Inc.

 

Touchstone Exploration Inc. is a Calgary, Alberta 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".

 

For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact:

 

Touchstone Exploration Inc.

Paul Baay, President and Chief Executive Officer                       Tel: +1 (403) 750-4487

Scott Budau, Chief Financial Officer

 

Shore Capital (Nominated Advisor and Joint Broker)

Daniel Bush / Toby Gibbs / Tom Knibbs                                     Tel: +44 (0) 207 408 4090

 

Canaccord Genuity (Joint Broker) 

Adam James / Ana Ercegovic                                                    Tel: +44 (0) 207 523 8000

 

FTI Consulting (Financial PR)

Nick Hennis / Ben Brewerton                                                      Tel: +44 (0) 203 727 1000

Email: touchstone@fticonsulting.com

 

Advisory

 

For reference purposes in this announcement, one British pound has been translated from Canadian dollars at a rate of 1.74 to 1.00.

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulation.

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Harrie Vredenburg

2

Reason for the notification

a)

Position/status

Non-executive Director

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Touchstone Exploration Inc.

b)

LEI

2138008URBSUC1J24J73

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common Shares of Touchstone Exploration Inc.

 

 

CA89156L1085 

b)

Nature of the transaction

Exercise of 115,000 stock options

 

c)

 

Prices and volumes

Effective Price

Volume

C$0.23 (c13.2p)

115,000

d)

Aggregated information

-  Aggregated volume

-  Price

Aggregated volume: 115,000 stock options exercised

Aggregated price: C$0.23 (c13.2p) each

Aggregate total C$26,450 (c£15,180)

e)

Date of the transaction

May 29, 2024

f)

Place of the transaction

Off market transaction

 

 

 

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