Proceeds used for exploration program; deal sells units at 10p apiece
By Devika Patel
Knoxville, Tenn., Dec. 6 - Touchstone Gold Ltd. said it settled a £3.44 million private placement of units.
The company sold 34,427,500 units of one ordinary share and one half-share warrant at 10p per unit.
Each whole warrant is exercisable at 15p until Dec. 6, 2014. The strike price reflects a 57.9% premium to the Dec. 5 closing share price of 9.5p.
Proceeds will be used for Touchstone's stage 4 exploration program on the Rio Pescado, El Cinco, and San Miguel properties and general corporate purposes.
The gold explorer is based in London.
| Issuer: | Touchstone Gold Ltd.
|
| Issue: | Units of one ordinary share and one half-share warrant
|
| Amount: | £3,442,750
|
| Units: | 34,427,500
|
| Price: | 10p
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 6, 2014
|
| Warrant strike price: | 15p
|
| Settlement date: | Dec. 6
|
| Stock symbol: | London: TGL
|
| Stock price: | 9.5p at close Dec. 5
|
| Market capitalization: | £18.32 million
|
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