CALGARY, ALBERTA--(Marketwired - May 23, 2014) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) is pleased to announce that it has purchased and discharged the remaining $2,000,000 aggregate principal amount of convertible debentures. As a result of this purchase, the Company has no remaining convertible debenture units outstanding.
The 9.5% convertible senior unsecured debentures were purchased from the sole debenture holder pursuant to a convertible debenture indenture dated June 29, 2011 between the Company and Computershare Trust Company of Canada, as trustee for the debenture holders named therein as amended by the first supplemental indenture dated July 12, 2012 and a second supplemental indenture dated April 30, 2014. The share purchase warrants issued with the debenture units will remain outstanding and are exercisable into 235,500 Touchstone common shares at a price of $3.18 per share. The share purchase warrants expire on June 29, 2014.
Touchstone Exploration Inc. is a Calgary-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 and western Canada. The Company's common shares are traded on the Toronto Stock Exchange under the symbol "TXP".
Forward-Looking Statements: Certain information regarding the share purchase warrants provided in this press release constitutes forward-looking statements. Forward-looking statements are necessarily based on a number of assumptions and judgments, including but not limited to, assumptions relating to the outlook for commodity and capital markets, and the regulatory and legal environment. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Except as may be required by applicable securities laws, Touchstone assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.