Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has raised £6.32 million through a private placement, with proceeds earmarked for the remainder of its 2025 capital programme.
It is issuing 57.4 million new shares, priced at 11 pence each, and a further £0.68 million may be raised through a retail offer to existing shareholders.
The junior oil and gas firm plans to invest in new drilling and infrastructure at its Central block and Cascadura gas facility.
It also noted that the raise satisfies equity requirements under a loan agreement with Republic Bank Limited.
“We are grateful for the continued support of our existing investors and are pleased to welcome Purebond as a significant new shareholder," said chief executive Paul Baay.