North Energy Capital AS

January 25, 2018 20:44 ET

North Energy Acquires Additional Securities of Touchstone Exploration Inc.

OSLO, NORWAY--(Marketwired - Jan. 25, 2018) - North Energy Capital AS ("North Energy") announces that on January 18, 2018, North Energy purchased 150,000 common shares ("Common Shares") of Touchstone Exploration Inc. ("Touchstone"), representing approximately 0.12% of the total number of issued and outstanding Common Shares at a price of GBP £0.125 per Common Share (or CAD $0.216) for total consideration of GBP £18,750 (or CAD $32,394.58 calculated at a rate of GBP £1=CAD $1.7277, being the average exchange rate for GBP expressed in Canadian dollars on January 18, 2018, as presented by the Bank of Canada). The Common Shares were purchased through the facilities of the AIM Market of the London Stock Exchange.

Prior to the acquisition, North Energy owned 12,879,250 Common Shares, representing approximately 9.98% of the number of issued and outstanding Common Shares. Following the acquisition, North Energy owned 13,029,250 Common Shares, representing approximately 10.10% of the number of issued and outstanding Common Shares.

North Energy holds its interest in the Common Shares for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of Touchstone. Depending on its evaluation of these and other factors, North Energy may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Common Shares or other securities of Touchstone through market transactions, private agreements, subscriptions from treasury or otherwise. It the current intention of North Energy to continue acquiring Common Shares for investment purposes.

The address of Touchstone's head office is 4100, 350 - 7th Avenue SW, Calgary, Alberta, T2P 3N9.

For further information, including a copy of the corresponding report filed with Canadian securities regulators, contact:

Knut Sæberg
+47 22 01 79 50
North Energy Capital AS
Tjuvholmen allé 3, 0252
Oslo, Norway

Contact Information

  • Knut Saeberg
    +47 22 01 79 50
    North Energy Capital AS
    Tjuvholmen allé 3, 0252
    Oslo, Norway