CALGARY, ALBERTA–(Marketwired – June 19, 2017) – Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX:TXP) announces that on June 19, 2017, it held its annual and special meeting of shareholders (the “Meeting”). During the business proceedings at the Meeting, Touchstone’s shareholders approved the following resolutions:
- Resolution to fix the number of directors of the Company to be elected at the Meeting at six.
- Shareholders approved the election of six nominees as directors of Touchstone to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with the number and percentage of common shares represented at the Meeting voting by way of ballot in favour of and withheld from voting for each of the individual nominees as follows:
|Name of Director Nominee||Votes For||Votes Withheld|
|Number||Percent (%)||Number||Percent (%)|
|Paul R. Baay||10,733,573||97.62||261,286||2.38|
|Kenneth R. McKinnon||10,812,305||98.34||182,554||1.66|
|Thomas E. Valentine||10,714,998||97.45||279,861||2.55|
|Dr. Harrie Vredenburg||10,815,380||98.37||179,479||1.63|
|John D. Wright||10,582,255||96.25||412,604||3.75|
- Resolution to re-appoint Ernst & Young LLP, Professional Chartered Accountants, as auditors of the Company for the ensuing year.
- Resolution to reduce the stated capital of the common shares of the Company by an aggregate amount of up to $150 million, with 98.00% of the common shares represented at the Meeting voting in favour of the resolution.
- Resolution to amend By-Law No. 1 of the Company requiring each shareholder with a holding of 3% or more in any class of shares in the Company to notify the Company without delay of any relevant changes to its shareholdings in the Company, with 96.40% of the common shares represented at the Meeting voting in favour of the resolution.
- Resolution to amend the Company’s stock option plan to remove the provision which limits the number of outstanding options held by non-employee directors to 1% of the outstanding common shares of the Company, with 96.66% of the common shares represented at the Meeting voting in favour of the resolution.
- Resolution to ratify certain stock options granted to non-employee directors, with 96.76% of the common shares represented at the Meeting voting in favour of the resolution.
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. The Company’s common shares are traded on the Toronto Stock Exchange under the symbol “TXP”.
Touchstone Exploration Inc.
Mr. Paul Baay
President and Chief Executive Officer
Touchstone Exploration Inc.
Mr. Scott Budau
Chief Financial Officer