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Provider: Reuters Investment Profile
Provider: GlobalData

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Touchstone Gold Ltd Completes CAD5.5 Million Placing

Friday, 7 Dec 2012 02:00am EST 

Touchstone Gold Ltd announced that it has issued 34,427,500 units at a price of 10 pence (or CAD0.16) per Unit for expected aggregate gross proceeds of CAD5,508,400 pursuant to its previously announced issue of equity. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to acquire one additional common share of Touchstone at an exercise price of 15 pence per share until December 6, 2014. Canaccord Genuity Limited and GMP Securities Europe Ltd. acted as co-lead agents for and on behalf of Touchstone, with respect to the Offering, pursuant to which they received a cash commission equal to an aggregate of CAD169,004 and were issued 1,056,275 broker warrants each of which is exercisable to acquire one common share at a price of 15 pence until December 6, 2014. Touchstone paid additional finder's fees totaling CAD97,296 and issued 608,100 finders warrants to arm's length parties and the same terms as the Broker Warrants. Certain of the securities issued are subject to a hold period expiring April 7, 2013 in accordance with applicable Canadian securities laws and such further restrictions as may apply under foreign securities laws. The net proceeds from the sale of the Units will be used for Touchstone's stage4 exploration programme on the Rio Pescado, El Cinco, and San Miguel properties and general corporate purposes. 

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29 Jul 2014