Touchstone Exploration Faces Hurdle in Private Placement

Touchstone Exploration Inc. has announced challenges with its £15,375,000 private placement, as £10,324,500 of the proceeds remain unrecovered. Led by Portillion Capital Asset Management and Oak Securities, the company received only £5,050,500. This prompted the cancellation of 50,363,414 common shares and leaves 261,097,247 shares in circulation.

The unfulfilled financial commitment by Portillion impacts Touchstone's plans, crucial for its 2025 capital programs. Continuing operations hinge on securing necessary funding, which remains uncertain. Despite submitting new applications for conditional approval from the TSX, the company is exploring further financing options.

Touchstone's immediate goal includes adherence to its amended agreement with Republic Bank, requiring US$18 million in equity by year-end. The outcome of these financial maneuvers, vital for Touchstone's future projects, remains to be seen.