TIDMTXP
RNS Number : 7329A
Touchstone Exploration Inc.
26 May 2023
TOUCHSTONE ANNOUNCES ADDITIONAL US$7 MILLION REVOLVING LOAN
FACILITY
CALGARY, ALBERTA (May 26, 2023) - Touchstone Exploration Inc. (
" Touchstone ", "we", "our" or the " Company " ) (TSX, LSE: TXP)
announces that Touchstone Exploration (Trinidad) Ltd., our wholly
owned Trinidadian subsidiary, has entered into a second amended and
restated loan agreement with our Trinidad based lender providing
for an additional US$7 million revolving loan (the "Amended Loan
Agreement").
The Amended Loan Agreement provides for a US$7 million revolving
loan facility in addition to the existing term facility. The
existing term facility component of the Amended Loan Agreement
currently has a principal balance of US$25.5 million, with
seventeen equal and consecutive quarterly principal payments of
US$1.5 million outstanding and a maturity date of June 15, 2027.
Republic Bank Limited is continuing to act as the sole lender,
arranger and facility agent of the Amended Loan Agreement.
Touchstone intends to use the revolving loan proceeds to
maintain financial flexibility while we proceed with Royston-1X
production testing operations and Cascadura facility construction
where we continue to target for first production on or around June
30, 2023.
Aside from adding the revolving loan component, the Amended Loan
Agreement did not alter any material terms of the Company's first
amended and restated loan agreement effective December 20, 2021.
The revolving component of the Amended Loan Agreement has the
following terms and conditions, with no additional financial or
affirmative and negative covenants other than as provided under the
first amended and restated loan agreement between the parties.
Borrower: Touchstone Exploration (Trinidad) Ltd.
Additional facility Revolving loan
type:
Amount: US$7,000,000
Term: One year, with the option to extend annually by
additional periods of up to one year
Interest rate: Fixed on drawdown date, based on the one year
term Secured Overnight Financing Rate (SOFR) plus
an applicable margin per annum, reset annually
Interest payments: Payable monthly in arrears
Repayment: Principal may be repaid at any time, on or before
the maturity date without penalty and any amounts
repaid may be redrawn at any time
Collateral: Increase of existing senior mortgage debenture
over the fixed and floating assets of the Borrower
and its subsidiaries
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.
Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4487
Scott Budau, Chief Financial Officer
Shore Capital (Nominated Advisor and Joint Broker)
Daniel Bush / Toby Gibbs / Iain Sexton Tel: +44 (0) 207 408
4090
Canaccord Genuity (Joint Broker)
Adam James / Gordon Hamilton Tel: +44 (0) 207 523 8000
FTI Consulting (Financial PR)
Nick Hennis / Ben Brewerton Tel: +44 (0) 203 727 1000
Email: touchstone@fticonsulting.com
Advisories
Forward-Looking Statements
Certain information provided in this announcement may constitute
forward-looking statements and information (collectively,
"forward-looking statements") within the meaning of applicable
securities laws. Such forward-looking statements include, without
limitation, forecasts, estimates, expectations and objectives for
future operations that are subject to assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
are events or conditions that "will", "would", "may", "could" or
"should" occur or be achieved. The forward-looking statements
contained in this announcement speak only as of the date thereof
and are expressly qualified by this cautionary statement.
Specifically, this announcement includes, but is not limited to,
forward-looking statements relating to the Company's expected use
of proceeds from the additional funds provided in the revolving
loan component of the Amended Loan Agreement ; Touchstone's
development and exploration plans and strategies, including
Cascadura facility construction operations and the expected timing
of completion and initial production therefrom; and the Company's
current and future financial position including the sufficiency of
resources to fund future capital expenditures and maintain
financial liquidity.
Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. Certain of these risks are
set out in more detail in the Company's 2022 Annual Information
Form dated March 23, 2023 which is available under the Company's
profile on SEDAR ( www.sedar.com ) and on the Company's website (
www.touchstoneexploration.com ). The forward-looking statements
contained in this announcement are made as of the date hereof, and
except as may be required by applicable securities laws, the
Company assumes no obligation or intent to update publicly or
revise any forward-looking statements made herein or otherwise,
whether as a result of new information, future events or
otherwise.
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END
MSCDELFLXELEBBK
(END) Dow Jones Newswires
May 26, 2023 02:00 ET (06:00 GMT)
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