Toronto-listed oil and gas explorer and producer Touchstone Exploration Inc (TSE:TXP, LON:TXP) made its debut on London’s Aim on Monday.
The Trinidad and Tobago-focused company raised £1.45mln (around C$2.45mln) before expenses by placing 20mln news shares at 7.25p a pop – roughly 12 cents a share.
READ the Touchstone Aim admission document
The newly issued shares will be freely transferable outside of Canada, notwithstanding a four month restricted holding period, starting today, that will prevent the shares from being resold in Canada.
In total, the company has just under 103.14mln shares in issue.
Listed at 8p, the shares were trading at a small premium on Monday morning with a mid-market price of 8.125p.
"We believe that a dual listing on AIM will provide further support to help us achieve our ambitious developmental plans in Trinidad, and today marks a very exciting time for our business. We firmly believe the AIM listing will expedite our onshore developmental and exploration plans and provide long-term value creation to our shareholders," said Paul Baay, president and chief executive officer of Touchstone.
Touchstone is one of the largest independent onshore producers in Trinidad
Touchstone is actively engaged in the development and exploration of its oil and gas properties located in Trinidad. With interests in some 90,000 gross acres (around 64,000 net working interest acres) of exploration and development rights, Touchstone is one of the largest independent onshore oil producers in Trinidad.
The company’s core focus is on developing production on its four onshore lease operatorship properties and its Fyzabad onshore property.
The company announced on Monday that Peter Nicol has been appointed to the board as a non-executive director.
UK-based Nicol has more than 30 years of oil and gas experience in both industry and finance. He is currently a non-executive director on the board of Eco (Atlantic) Oil and Gas Ltd.
“His international oil and gas knowledge coupled with his experience with UK capital markets will be invaluable in conjunction with our admission to trading on AIM," Baay said.