Trinidad-focused oil and gas producer Touchstone Exploration Inc (LON: TXP) is raising at least $9.1m (£7m) at 38p a share in order to invest in the Ortoire exploration programme.
This is no surprise. The increased share price makes it sensible for the company to take advantage of a less dilutive share issue than in the past. In February 2019, £3.8m was raised at 12p a share.
The amount raised could be increased if there is enough demand.
The cash will finance a well at the Chinook prospect, which is on the geographical trend of the existing discoveries, and one at the Royston prospec...
