Exercise Of Stock Options
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CALGARY, ALBERTA (June 3, 2024) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX, LSE: TXP) announces that executive officers and certain employees of the Company exercised stock options representing an aggregate 634,356 common shares of no par value in the Company ("Common Shares") on May 31, 2024. All of the stock options were issued on April 5, 2019 in accordance with the Company's shareholder approved stock option plan that were set to expire on May 31, 2024. 178,044 and 456,312 Common Shares were issued on the Toronto Stock Exchange ("TSX") on May 31, 2024 and June 3, 2024, respectively.
As part of the exercise, Mr. Paul Baay, the Company's President, Chief Executive Officer and Executive Director, exercised stock options representing 23,201 Common Shares with an exercise price of C$0.23 (approximately 13.2 pence) per stock option.
- Scott Budau, the Company's Chief Financial Officer, exercised stock options representing 290,501 Common Shares with an exercise price of C$0.23 (approximately 13.2 pence) per stock option.
- Brian Hollingshead, the Company's EVP Engineering and Business Development, exercised stock options representing 16,054 Common Shares with an exercise price of C$0.23 (approximately 13.2 pence) per stock option. To partially satisfy the cost and withholding taxes associated with the stock option exercise, Mr. Hollingshead sold 9,273 Common Shares at a weighted average price of approximately C$0.54 (approximately 31 pence) per Common Share on the TSX on May 31, 2024.
- James Shipka, the Company's EVP Asset Development and HSE, exercised stock options representing 34,500 Common Shares with an exercise price of C$0.23 (approximately 13.2 pence) per stock option. Mr. Shipka sold all of the associated Common Shares at a weighted average price of approximately C$0.55 (approximately 31.6 pence) per Common Share on the TSX on May 31, 2024.
Application has been made for the 634,356 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 10, 2024 ("Admission"). Immediately following Admission, the Company's issued share capital will consist of 236,306,661 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. Scott Budau 3. Brian Hollingshead 4. Brian Hollingshead 5. James Shipka 6. James Shipka |
| 2 | Reason for the notification | |
| a) | Position/status | 1. President, Chief Executive Officer and Executive Director 2. Chief Financial Officer 3. EVP Engineering and BD 4. EVP Engineering and BD 5. EVP Asset Development and HSE 6. EVP Asset Development and HSE |
| 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 23,201 stock options 2. Exercise of 290,501 stock options 3. Exercise of 16,054 stock options 4. Sale of 9,273 Common Shares 5. Exercise of 34,500 stock options 6. Sale of 34,500 Common Shares |
| c) | Prices and volumes | Effective Prices Volumes 1. C$0.23 (c13.2p) 23,201 2. C$0.23 (c13.2p) 290,501 3. C$0.23 (c13.2p) 16,054 4. C$0.54 (c31p) 9,273 5. C$0.23 (c13.2p) 34,500 6. C$0.55 (c31.6p) 34,500 |
| d) | Aggregated information - Aggregated volume - Price | 1. Aggregated volume: 23,201 stock options exercised Aggregated price: C$0.23 (c13.2p) each Aggregate total: C$5,336.23 (c£3,062.53) 2. Aggregated volume: 290,501 stock options exercised Aggregated price: C$0.23 (c13.2p) each Aggregate total: C$66,815.23 (c£38,346.13) 3. Aggregated volume: 16,054 stock options exercised Aggregated price: C$0.23 (c13.2p) each Aggregate total: C$3,692.42 (c£2,119.13) 4. Aggregated volume: 9,273 Common Shares Aggregated price: C$0.54 (c31p) each Aggregate total: C$5,007.42 (c£2,874.63) 5. Aggregated volume: 34,500 stock options exercised Aggregated price: C$0.23 (c13.2p) each Aggregate total; C$7,935 (c£4,554) 6. Aggregated volume: 34,500 Common Shares Aggregated price: C$0.55 (c31.6p) each Aggregate total: C$18,975 (c£10,902) |
| e) | Date of the transaction | 1. May 31, 2024 2. May 31, 2024 3. May 31, 2024 4. May 31, 2024 5. May 31, 2024 6. May 31, 2024 |
| f) | Place of the transaction | 1. Off market transaction 2. Off market transaction 3. Off market transaction 4. TSX 5. Off market transaction 6. TSX |
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