GRANT OF ANNUAL SHARE OPTIONS
CALGARY, ALBERTA (May 25, 2021) - Touchstone Exploration Inc. ("Touchstone" or the "Company") announces the grant of 2,713,000 share options on May 25, 2021 to its executive officers, non-executive directors and key employees in accordance with the Company's shareholder approved stock option plan. The annual grant was awarded to the following recipients:
| Recipient | Number of share options granted |
| | |
| Paul R. Baay, President, Chief Executive Officer and Director | 450,000 |
| Scott Budau, Chief Financial Officer | 300,000 |
| James Shipka, Chief Operating Officer | 300,000 |
| Kenneth R. McKinnon, Non-Executive Director | 142,500 |
| Peter Nicol, Non-Executive Director | 132,500 |
| Beverley Smith, Non-Executive Director | 15,000 |
| Stanley T. Smith, Non-Executive Director | 137,500 |
| Thomas E. Valentine, Non-Executive Director | 142,500 |
| Dr. Harrie Vredenburg, Non-Executive Director | 117,500 |
| John D. Wright, Non-Executive Director | 147,500 |
| Employees | 828,000 |
| Total | 2,713,000 |
The share options were issued with an exercise price of C$1.73 per common share, which was measured by reference to the five-day weighted average trading price of the Company's common shares on the Toronto Stock Exchange to the close of trading on May 21, 2021. The share options have a five-year term and vest one third on each of the next three anniversaries of the grant date.
Following this grant, the Company has a total of 12,030,434 share options outstanding, representing 5.7 percent of the Company's outstanding common shares.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the above transactions.
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta 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. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".
For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact:
Touchstone Exploration Inc.
Mr. Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4487
Mr. Scott Budau, Chief Financial Officer
Shore Capital (Nominated Advisor and Joint Broker)
Nominated Advisor: Edward Mansfield / Daniel Bush / Michael McGloin Tel: +44 (0) 207 408 4090
Corporate Broking: Jerry Keen
Canaccord Genuity (Joint Broker)
Adam James / Henry Fitzgerald O'Connor / Thomas Diehl Tel: +44 (0) 207 523 8000
Camarco (Financial PR)
Nick Hennis / Billy Clegg Tel: +44 (0) 203 781 8330
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.
| 1. | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||||||||||||||||||||
| a)
| Name
| 1. Paul R. Baay 2. Scott Budau 3. James Shipka 4. Kenneth R. McKinnon 5. Peter Nicol 6. Beverley Smith 7. Stanley T. Smith 8. Thomas E. Valentine 9. Dr. Harrie Vredenburg 10. John D. Wright | |||||||||||||||||||||||||||||||||
| 2. | Reason for the notification | ||||||||||||||||||||||||||||||||||
| a) | Position/status | 1. Chief Executive Officer 2. Chief Financial Officer 3. Chief Operating Officer 4. Non-Executive Director 5. Non-Executive Director 6. Non-Executive Director 7. Non-Executive Director 8. Non-Executive Director 9. Non-Executive Director 10. Non-Executive Director | |||||||||||||||||||||||||||||||||
| b) | Initial notification /Amendment | Initial notification | |||||||||||||||||||||||||||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||||||||||||||||||||
| a) | Name | Touchstone Exploration Inc. | |||||||||||||||||||||||||||||||||
| b) | LEI | 2138008URBSUC1J24J73 | |||||||||||||||||||||||||||||||||
| 4.
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||||||||||||||||||||||||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Options over common shares of no par value in the capital of Touchstone Exploration Inc., each with an exercise price of C$1.73 and an expiry date of 25 May 2026.
CA89156L1085 | |||||||||||||||||||||||||||||||||
| b) | Nature of the transactions | Grant of share options to executive directors/officers | |||||||||||||||||||||||||||||||||
| c)
| Prices and volumes |
| |||||||||||||||||||||||||||||||||
| d) | Aggregated information - Aggregated volume
- Price | Aggregate volumes 1. 450,000 2. 300,000 3. 300,000 4. 142,500 5. 132,500 6. 15,000 7. 137,500 8. 142,500 9. 117,500 10. 147,500 Aggregate prices 1. Nil 2. Nil 3. Nil 4. Nil 5. Nil 6. Nil 7. Nil 8. Nil 9. Nil 10. Nil | |||||||||||||||||||||||||||||||||
| e) | Date of the transaction | 25 May 2021 | |||||||||||||||||||||||||||||||||
| f) | Place of the transaction | Outside a trading venue | |||||||||||||||||||||||||||||||||
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