Lifting of stock restriction

RNS Number : 7052L

Touchstone Exploration Inc.

23 April 2018

 

23 April 2018

Touchstone Exploration Inc.

("Touchstone" or the "Company")

Lifting of stock restriction

On December 8, 2017, Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX / LSE: TXP), an oil and gas exploration and production company active in the Republic of Trinidad and Tobago, announced the completion of a £3.0 million (C$5.1 million) private placement through the issuance of 25,784,285 new common shares of no par value (the "Placing Shares").

On December 22, 2017 the Placing Shares were admitted to trading on the AIM market of the London Stock Exchange. The Placing Shares ranked pari passu in all respects with the existing common shares save that there was a temporary restriction on the transfer of such Placing Shares into Canada for a period of four months and one day from the day on which the Placing Shares were issued (the "Initial Restricted Period").

The Initial Restriction Period has lapsed today. Consequently, all of the Company's common shares are now freely transferable on the Toronto Stock Exchange.

The Company is using the net proceeds of the private placement to complete a drilling program of ten wells on the Company's Coora 1, Coora 2, WD-4 and WD-8 properties. Touchstone is currently drilling the fifth well in the program and looks forward to updating shareholders in due course.

For further information, please contact:

Touchstone Exploration Inc.

Mr. Paul Baay, President and Chief Executive Officer                                Tel: [phone]

Mr. Scott Budau, Chief Financial Officer

Camarco (Financial PR)

Nick Hennis / Jane Glover / Billy Clegg                                                    Tel: [phone]

About Touchstone

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".

 

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