Financing

T&T Explorer Touchstone Raises GBP 9 Million in Private Placing

By Isha Makkar
February 21, 2020
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Trinidad & Tobago Flag on Bricks

Trinidad & Tobago focused E&P company Touchstone Exploration Inc. has raised gross proceeds of GBP 9 million (approximately US$11.6 million) through a private placing of shares with institutional investors in the UK. The company placed 22,500,000 new common shares at a price of GBpence 40 per share, representing a 10.1% and 3.5% discount to the 5 and 10-day volume weighted average price of its shares on the AIM market of the London Stock Exchange as of February 18th, respectively.

Touchstone Exploration intends to use the proceeds of the placing to accelerate its exploration drilling targeting the Chinook prospect in the Ortoire Block situated onshore in the Republic of Trinidad & Tobago.

Shore Capital acted as sole bookrunner for the placing, and Auctus Advisors acted as placing agent.

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