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.
In accordance with Rule 2.9 of the City Code on Takeovers and Mergers, Touchstone confirms that, following Admission, it will have in issue and admitted to trading and listing (as the case may be) on the AIM market of the London Stock Exchange and/or the Toronto Stock Exchange, 235,049,086 common shares. The International Securities Identification Number (ISIN) of the ordinary shares is CA89156L1085.
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail regarding the above transaction.
