Touchstone Exploration Inc. TERM CREDIT FACILITY EXTENSION (9009U)
02 April 2019 - 6:01PM
UK Regulatory
TIDMTXP
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".
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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