TOUCHSTONE ANNOUNCES CLOSING
OF EXPANDED BANK FACILITIES
CALGARY, ALBERTA (April 22, 2024) -
Touchstone Exploration Inc. ("Touchstone",
"we", "our" or the "Company") (TSX, LSE: TXP) announces that,
further to the announcement on March 4, 2024, Touchstone
Exploration (Trinidad) Ltd., our wholly owned Trinidadian
subsidiary, has entered into the third
amended and restated loan agreement with our Trinidad based lender
(the "Amended Loan Agreement").
The Amended Loan Agreement
provides for an additional $10 million five-year
non-revolving term loan facility and an increase to our existing
revolving loan facility borrowing capacity from $7 million to $10
million under the terms previously announced.
As a result, Touchstone's credit
facilities currently consist of our unchanged seven-year term loan
facility, the new five-year $10 million non-revolving term loan
facility, and the increased $10 million revolving loan
facility. The existing seven-year
non-revolving term loan facility has a
current principal balance of $19.5 million, with thirteen equal and consecutive quarterly principal
payments of $1.5 million outstanding through to the June 15, 2027
maturity date. We have $7 million drawn on our revolving loan
facility, resulting in an aggregate $26.5 million in bank debt
principal currently outstanding.
We intend to fully draw the new $10
million non-revolving term loan facility to finance our 2024
capital program as previously set out in our December 19, 2023
announcement and expect to use the additional revolving loan
facility credit capacity for general working capital purposes on an
as needed basis.
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
Scott Budau, Chief Financial
Officer
James Shipka, Chief Operating
Officer
|
Tel: +1 (403) 750-4487
|
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 / Ana
Ercegovic
|
Tel: +44 (0) 207 523 8000
|
FTI
Consulting (Financial PR)
Nick Hennis / Ben
Brewerton
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Tel: +44 (0) 203 727 1000
Email: touchstone@fticonsulting.com
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Advisory Regarding Forward-Looking
Statements
The information provided in this
announcement contains certain 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 "expect", "plan", "anticipate",
"believe", "intend", "maintain", "continue to", "pursue", "design",
"result in", "sustain" "estimate", "potential", "growth",
"near-term", "long-term", "forecast", "contingent" 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 hereof 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 business plans, strategies,
priorities and development plans; the intended use of proceeds of
the additional borrowing capacity provided by the Amended Loan
Agreement; and the Company's expectation that the proceeds
therefrom will fully fund its previously announced 2024 capital
program.
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 2023 Annual
Information Form dated March 20, 2024 which is available under the
Company's profile on SEDAR+ (www.sedarplus.ca)
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.