Proceeds to be used for planned acquisition in Trinidad and Tobago
By Devika Patel
Knoxville, Tenn., Dec. 30 - Touchstone Exploration Inc. said it increased a private placement of subscription receipts. The best-efforts offering priced for $12.5 million on Nov. 19 and raised $10.66 million on Dec. 9. The deal will now raise $12.86 million.
The company sold 19,380,668 receipts at $0.55 apiece in the first tranche and will sell an additional 4 million receipts in the second. Each receipt converts for free to a unit of one common share and one half-share warrant. Each whole warrant will be exercisable at $0.75 for 18 months.
The deal is being conducted by a syndicate of agents led by FirstEnergy Capital Corp. and including Paradigm Capital and Haywood Securities Inc.
Settlement of the final tranche is expected Jan. 7.
Proceeds will be used for the company's planned assets acquisition in Trinidad and Tobago.
Calgary, Alta.-based Touchstone is a petroleum and natural gas company.
| Issuer: | Touchstone Exploration Inc.
|
| Issue: | Subscription receipts
|
| Amount: | $12,859,367
|
| Receipts: | 23,380,668
|
| Price: | $0.55
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $0.75
|
| Agents: | FirstEnergy Capital Corp. (lead), Paradigm Capital and Haywood Securities Inc.
|
| Pricing date: | Nov. 19
|
| Upsized: | Dec. 30
|
| Settlement dates: | Dec. 9 (for $10,659,367), Jan. 7
|
| Stock symbol: | TSX Venture: TAB.U
|
| Stock price: | C$0.55 at close Nov. 19
|
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