REG - Touchstone Explrtn. - AIM Rule 17 Schedule 2(g) Update

Touchstone ExplorationAnnouncement

23/03/2023 07:15

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RNS Number : 9334T  Touchstone Exploration Inc.  23 March 2023

AIM Rule 17 Schedule 2(g) Update

 

CALGARY, ALBERTA (March 23, 2023) - Touchstone Exploration Inc. ("Touchstone")
(TSX, LSE: TXP) provides the following information under Rule 17 and Schedule
Two Paragraph (g) of the AIM Rules for Companies.

 

On November 30, 2017, Mr. John D. Wright, Chairman of Touchstone, became a
director of OAN Resources Ltd. ("OAN"), a private company registered in
Canada. On June 14, 2019, the management of OAN filed a Notice of Intention
("NOI") to Make a Proposal under subsection 50.4(1) of the Bankruptcy and
Insolvency Act to restructure OAN's affairs. At the time of the NOI, OAN was
estimated to have a creditor deficiency of approximately C$5.1 million. Mr.
Wright resigned his director position on October 10, 2019. OAN was unable to
file a proposal within the provided period and was deemed to have made an
assignment into bankruptcy on October 16, 2019. OAN's assets were subsequently
sold by the trustee of the bankrupt estate.

 

For further information about Touchstone, please visit our website at
www.touchstoneexploration.com (http://www.touchstoneexploration.com/) or
contact:

 

 Touchstone Exploration Inc.                            Tel: +1 (403) 750-4487

 Mr. Paul Baay, President and Chief Executive Officer

 Mr. Scott Budau, Chief Financial Officer

 Shore Capital (Nominated Advisor and Joint Broker)     Tel: +44 (0) 207 408 4090

 Daniel Bush / Toby Gibbs / Iain Sexton

 Canaccord Genuity (Joint Broker)                       Tel: +44 (0) 207 523 8000

 Adam James / Gordon Hamilton

 FTI Consulting (Financial PR)                          Tel: +44 (0) 203 727 1000

 Nick Hennis / Ben Brewerton                            Email: touchstone@fticonsulting.com (mailto:touchstone@fticonsulting.com)

 

Touchstone Exploration Inc.

 

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the
business of acquiring interests in petroleum and natural gas rights and the
exploration, development, production and sale of petroleum and natural gas.
Touchstone is currently active in onshore properties located in the Republic
of Trinidad and Tobago. The Company's common shares are traded on the Toronto
Stock Exchange and the AIM market of the London Stock Exchange under the
symbol "TXP".

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