By Devika Patel
Knoxville, Tenn., May 25 - Touchstone Resources Ltd. said it completed a $6.2 million private placement of subscription receipts.
The company sold 123.9 million receipts at $0.05 apiece.
Proceeds will be used to fund the company's planned acquisition of certain lease operatorship rights.
Vancouver, B.C.-based Touchstone is an oil and natural gas exploration company.
| Issuer: | Touchstone Resources Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | $6,195,000
|
| Receipts: | 123.9 million
|
| Price: | $0.05
|
| Warrants: | No
|
| Settlement date: | May 25
|
| Stock symbol: | TSX Venture: TCH
|
| Stock price: | C$0.08 at close May 24
|
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