News Release

CEO settles with ASC after admitting to “tipping”

May 18, 2023

CALGARY – May 18, 2023 – The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Paul Raymond Baay, President and Chief Executive Officer of Touchstone Exploration Inc. (Touchstone), for informing another person of material non-public information about Touchstone prior to general disclosure of that information to the capital markets. Baay informed a registered dealing representative of this information, when it was not necessary in the course of business to do so.

With limited exceptions, when a person is in a “special relationship” with a company (including being a director, officer or employee of that company), it is contrary to Alberta securities laws to inform another person of a material fact or material change with respect to the company before that information has been disclosed publicly.

Baay’s actions did not lead to any trading based on the material non-public information.

As part of the Settlement Agreement and Undertaking, Baay paid the ASC $40,000, and has undertaken to complete training in best practices for public company governance and disclosure. Baay promptly accepted responsibility for his actions and cooperated with the ASC in resolving this matter early in the process.

A copy of the Settlement Agreement and Undertaking is available on the ASC website at

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

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Theresa Schroder
Senior Advisor, Communications

ASC Public Inquiries
Toll Free: 1-877-355-4488