|By Marketwired .||
|March 14, 2014 02:15 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 03/14/14 -- Touchstone Gold Limited ("Touchstone" or the "Company") (AIM: TGL)(TSX: TCH) is pleased to announce that the Company has raised GBP 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 Subscription is conditional only upon admission of the Subscription Shares to trading on AIM ("Admission"). Application has been made for the Subscription Shares and Subscription Fee Shares to be admitted to trading on AIM and it is anticipated that Admission will occur by 19 March 2014.
Following Admission, 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 will not be applying its standards in regards to private placements (Section 607) in regards to the proposed transaction, as provided under Section 602 (g) of the TSX Company Manual.
Touchstone Gold Limited
+1 647 925 2713
Matthew Robinson/Simon Hicks
+44 20 7220 0500
Peterhouse Corporate Finance Limited
+44 20 7469 0936
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