LONDON, Mar 20, 2014 - Touchstone Gold Ltd. ("Touchstone" or the "Company") (AIM:TGL) (TSX:TCH) is pleased to announce that the Company has closed its previously announced subscription. The Company has raised £100,000 through the subscription for 19,916,351 new ordinary shares of no par value each in the Company (the "Subscription Shares") at a price of 0.5021 pence per Subscription Share (the "Subscription Price") by new investors (the "Subscription"). The net proceeds of the Subscription will provide working capital to further enable the company to re-position itself whilst it considers new opportunities.
Touchstone has also paid transaction fees in respect of the Subscription pursuant to which it has issued 2,810,921 new ordinary shares of no par value (the "Subscription Fee Shares") at the same terms as the Subscription Shares.
The Company's enlarged issued share capital will comprise 226,203,156 ordinary shares. This figure of 226,203,156 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
As a result of the Company's principal trading market being AIM, TSX has not applied its standards in regards to private placements (Section 607) in regards to the transaction, as provided under Section 602 (g) of the TSX Company Manual.
The securities issued are subject to a hold period expiring July 19, 2014 in accordance with applicable Canadian securities laws and such further restrictions as may apply under foreign securities laws.
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LONDON, Mar 20, 2014 - Touchstone Gold Ltd. ("Touchstone" or the "Company") (AIM:TGL) (TSX:TCH) is pleased to announce that the Company has closed its previously announced subscription. The Company has raised £100,000 through the subscription for 19,916,351 new ordinary shares of no par value each in the Company (the "Subscription Shares") at a price of 0.5021 pence per Subscription Share (the "Subscription Price") by new investors (the "Subscription"). The net proceeds of the Subscription will provide working capital to further enable the company to re-position itself whilst it considers new opportunities.
