EXERCISE OF STOCK OPTIONS-TOUCHSTONE EXPLORATION INC

EXERCISE OF STOCK OPTIONS-TOUCHSTONE EXPLORATION INC

EXERCISE OF STOCK OPTIONS, DIRECTOR / PDMR SHAREHOLDING AND RULE 2.9 ANNOUNCEMENT

 

CALGARY, ALBERTA (May 23, 2024) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX, LSE: TXP) announces that a non-executive director and certain employees gave notice to exercise stock options representing an aggregate 173,335 common shares of no par value in the Company ("Common Shares") on May 17, 2024 and May 21, 2024.

 

As part of this exercise, Mr. Stanley Smith, non-executive director, exercised stock options representing 45,835 Common Shares with an exercise price of C$0.48 (approximately 27.7 pence) per stock option. The stock options were issued on April 6, 2020 in accordance with the Company's shareholder approved stock option plan and were set to expire on April 5, 2025. The associated Common Shares were issued on May 23, 2024.

 

Application has been made for the 173,335 new Common Shares, which will rank pari passu with the Company's existing issued share capital, to be admitted to trading on AIM, which is expected to take place on May 30, 2024 ("Admission"). Immediately following Admission, the Company's issued share capital will consist of 234,386,061 Common Shares. The Company does not hold any Common Shares in treasury. This figure may be used by shareholders to determine if they are required to notify their interest in, or a change to their interest in, the Company.

 

In accordance with Rule 2.9 of the City Code on Takeovers and Mergers, Touchstone confirms that, following Admission, it will have in issue and admitted to trading and listing (as the case may be) on the AIM market of the London Stock Exchange and/or the Toronto Stock Exchange, 234,386,061 common shares. The International Securities Identification Number (ISIN) of the ordinary shares is CA89156L1085.

 

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail regarding the above transaction.

 

Touchstone Exploration Inc.

 

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".

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