Source - RNS
RNS Number : 9009U
Touchstone Exploration Inc.
02 April 2019
 

TERM CREDIT FACILITY EXTENSION

 

Calgary, Alberta - April 2, 2019 - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX / LSE: TXP) announces a one-year extension of its term credit facility maturity date and principal payments. The Company amended its C$15 million credit agreement (the "Amended Term Credit Facility") with its lender to mature on November 23, 2023, with no mandatory principal payments until January 1, 2021. Touchstone is required to repay C$810,000 per quarter commencing on January 1, 2021 through October 1, 2023, and the then outstanding principal balance is repayable on the maturity date. As consideration for the Amended Term Credit Facility, the Company paid the lender a financing fee of C$150,000.

 

The terms of the Amended Term Credit Facility are materially unchanged from the term credit facility established in November 2016 and amended in June 2018. The Amended Term Credit Facility continues to bear a fixed interest rate of 8% per annum, compounded and payable quarterly. In connection with the Amended Term Credit Facility, the Company extended its Production Payment Agreement with the lender by one year. The Company's amended production obligations equal 1% of petroleum sales, payable quarterly through October 31, 2023. Touchstone continues to have the ability to prepay the credit facility principal balance and has the option to negotiate a buyout of future production obligations with the lender if the credit facility principal balance is prepaid in full.

 

For Further Information:

 

Touchstone Exploration Inc.

Mr. Paul Baay, President and Chief Executive Officer                            Tel: +1 (403) 750-4487

Mr. Scott Budau, Chief Financial Officer

www.touchstoneexploration.com

 

Shore Capital (Nominated Advisor and Joint Broker)

Nominated Advisor: Edward Mansfield / Mark Percy / Daniel Bush       Tel: +44 (0) 207 408 4090

Corporate Broking: Jerry Keen

 

GMP FirstEnergy (Joint Broker)

Jonathan Wright / Hugh Sanderson                                                        Tel: +44 (0) 207 448 0200

 

Camarco (Financial PR)

Nick Hennis / Jane Glover / Billy Clegg                                                   Tel: +44 (0) 203 757 4980

 

About Touchstone

 

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 and the AIM market of the London Stock Exchange under the symbol "TXP".


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