Touchstone has closed its private placement, issuing approximately 25.8 mm shares that raised net proceeds of approximately C$4.6 mm (£2.7 mm). With the proceeds, Touchstone has expanded its 2018e development drilling program from four to 10 wells, and will also undertake up to 24 recompletions. We have reduced our risked NAV estimate to C$0.42 per share to account for the dilution of the equity issue. Conversely, our production and cash flow estimates have increased, due to the expande
22 Dec 2017
Touchstone closes private placement financing and expands 2018e development program
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Touchstone closes private placement financing and expands 2018e development program
Touchstone Exploration Inc (TXP:LON) | 43.5 0 0.0% | Mkt Cap: 101.9m
- Published:
22 Dec 2017 -
Author:
Darren B. Engels -
Pages:
6
Touchstone has closed its private placement, issuing approximately 25.8 mm shares that raised net proceeds of approximately C$4.6 mm (£2.7 mm). With the proceeds, Touchstone has expanded its 2018e development drilling program from four to 10 wells, and will also undertake up to 24 recompletions. We have reduced our risked NAV estimate to C$0.42 per share to account for the dilution of the equity issue. Conversely, our production and cash flow estimates have increased, due to the expande