By Sheri Kasprzak
New York, March 30 - Touchstone Resources Ltd. said it wrapped a $1.5 million private placement, including a fully exercised greenshoe.
The company sold 15 million units of one share and one warrant. The warrants are exercisable at $0.20 each for two years.
The offering included the greenshoe for 5 million units exercised by placement agent Canaccord Capital Corp.
The non-brokered deal priced Feb. 23 as a $1 million offering under the same terms.
Proceeds will be used to drill identified targets in North Dakota as part of the company's 50% interest in oil and gas leases in that state.
Vancouver, B.C.-based Touchstone is an oil and natural gas exploration company.
| Issuer: | Touchstone Resources Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | $1.5 million
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| Units: | 15 million (includes greenshoe for 5 million units)
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| Price: | $0.10
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.20
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| Placement agent: | Canaccord Capital Corp.
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| Pricing date: | Feb. 23
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| Settlement date: | March 29
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| Stock symbol: | TSX Venture: TCH
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| Stock price: | C$0.11 at close Feb. 23
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| Stock price: | C$0.13 at close March 29
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