Exercise Of Stock Options
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CALGARY, ALBERTA (May 29, 2024) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX, LSE: TXP) announces that an executive director and certain employees gave notice to exercise stock options representing an aggregate 530,525 common shares of no par value in the Company ("Common Shares") on May 27, 2024. The associated Common Shares were issued on May 28, 2024.
As part of the exercise, Mr. Paul Baay, the Company's President, Chief Executive Officer and Executive Director, exercised stock options representing 417,525 Common Shares with an exercise price of C$0.23 (approximately 13.2 pence) per stock option. The stock options were issued on April 5, 2019 in accordance with the Company's shareholder approved stock option plan and were set to expire on May 31, 2024.
To satisfy the cost and withholding taxes associated with the stock option exercise, Mr. Baay sold 239,500 Common Shares at a weighted average price of approximately C$0.55 (approximately 31.6 pence) per Common Share on the Toronto Stock Exchange on May 27, 2024.
Application has been made for the 530,525 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 June 5, 2024 ("Admission"). Immediately following Admission, the Company's issued share capital will consist of 235,049,086 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.
Touchstone Exploration Inc.
Touchstone Exploration Inc.
Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4487
Scott Budau, Chief Financial Officer
Shore Capital (Nominated Advisor and Joint Broker)
Daniel Bush / Toby Gibbs / Tom Knibbs Tel: +44 (0) 207 408 4090
Canaccord Genuity (Joint Broker)
Adam James / Ana Ercegovic Tel: +44 (0) 207 523 8000
FTI Consulting (Financial PR)
Nick Hennis / Ben Brewerton Tel: +44 (0) 203 727 1000
Advisory
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Paul R. Baay 2. Paul R. Baay |
| 2 | Reason for the notification | |
| a) | Position/status | 1. President, Chief Executive Officer and Executive Director 2. President, Chief Executive Officer and Executive Director |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Touchstone Exploration Inc. |
| b) | LEI | 2138008URBSUC1J24J73 |
| a) | Description of the financial instrument, type of instrument Identification code | Common Shares of Touchstone Exploration Inc. CA89156L1085 |
| b) | Nature of the transaction | 1. Exercise of 417,525 stock options 2. Sale of 239,500 Common Shares |
| c) | Prices and volumes | Effective Prices Volumes 1. C$0.23 (c13.2p) 417,525 2. C$0.55 (c31.6p) 239,500 |
| d) | Aggregated information - Aggregated volume - Price | 1. Aggregated volume: 417,525 stock options exercised Aggregated price: C$0.23 (c13.2p) each Aggregate total C$96,030.75 (c£55,113.30) 2. Aggregated volume: 239,500 Common Shares Aggregated price: C$0.55 (c31.6p) each Aggregate total C$131,725 (c£75,682) |
| e) | Date of the transaction | 1. May 27, 2024 2. May 27, 2024 |
| f) | Place of the transaction | 1. Off market transaction 2. Toronto Stock Exchange |
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