Private Placement Update

In brief · summary, not quotable

Private placement of £15.375 million partially settled; final tranche of £10.325 million expected by June 27.

Gross proceeds from private placement £15.375 million
Outstanding proceeds £10.325 million
New common shares issued 75,000,000
Shares distributed to investors 24,636,586
Shares held by settlement agent 50,363,414

Full announcement

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CALGARY, ALBERTA (June 23, 2025) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX, LSE: TXP) provides an update regarding its previously announced private placement.

Further to the Company's June 16, 2025 announcement, £10.325 million of the £15.375 million in gross proceeds from the private placement remains outstanding. Touchstone has been advised by OAK Securities and Portillion Capital that the settlement of proceeds from certain investors has taken longer than anticipated. The Company has received assurances that the outstanding funds are expected to be received by close of business on June 27, 2025.

The Toronto Stock Exchange extended its conditional approval of the private placement, allowing the Company to complete the offering on or before June 27, 2025.

As previously disclosed, on May 16, 2025, the Company issued 75,000,000 new common shares to the settlement agent acting on behalf of OAK Securities. To date, 24,636,586 common shares have been distributed to investors. The remaining 50,363,414 shares are currently held by the settlement agent and will be distributed upon the expected receipt of the outstanding funds.

Operationally, Touchstone has completed running intermediate casing to approximately 5,800 feet at the Cascadura-5 development well. The Company will now proceed to drill the primary target zone.

Touchstone Exploration Inc.

Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4405

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 / Charlie Hammond Tel: +44 (0) 207 523 8000

FTI Consulting (Financial PR)

Nick Hennis / Ben Brewerton / Lucy Wigney Tel: +44 (0) 203 727 1000

Advisory Regarding Forward-Looking Statements

Specifically, this announcement includes, but is not limited to, forward-looking statements relating to the Company's business plans, strategies, priorities and development plans; the expected completion of the private placement and the timing thereof; and Touchstone's current and future financial position, including the sufficiency of resources to fund future capital expenditures and maintain financial liquidity. The Company's actual decisions, activities, results, performance, or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Touchstone will derive from them.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.