14th Mar 2014 08:28
LONDON (Alliance News) - Touchstone Gold Ltd Friday said it has raised GBP100,000 through a subscription of 19.9 million new shares at 0.5021 pence each by new investors, money it will use for working capital while it repositions itself and considers new opportunities.
It didn't give any details of the new investors.
It January, the company had warned that it wouldn't be able to meet scheduled payments to vendors of its concession contracts if it didn't raise new funds.
It suspended all exploration activities during 2013 after being hit hard by the fall in the gold price, and said in January that it was possible that the concession contracts may have to be ceded back to the vendors and Touchstone may lose all or part of its interest in those concessions to which the non-payment relates.
At that time, it said had managed to enter into an agreement to grant 6.5 million shares in a private placement at 0.932 pence a share equally to company Chairman Robert Buchan and ECK Partners Holdings Ltd.
Touchstone Gold shares last traded at 0.65 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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