- Touchstone Exploration, a microcap oil stock, is reporting an expansion to its available debt capital
- Subsidiary Touchstone Exploration (Trinidad) has entered into a second amended and restated loan agreement with its Trinidad-based lender for a US$7 million revolving loan
- Proceeds will facilitate Royston-1X production testing operations and Cascadura facility construction, where first production is slated for the end of June 2023
- Touchstone Exploration is an oil and gas company with a primary focus on Trinidad and Tobago
- Touchstone Exploration (TSX:TXP) last traded at $0.96 per share
Touchstone Exploration, a microcap oil stock, is reporting an expansion to its available debt capital.
Subsidiary Touchstone Exploration (Trinidad) has entered into a second amended and restated loan agreement with its Trinidad-based lender for a US$7 million revolving loan.
The term is one year, with an annual one-year renewal option, and an interest rate based on the one year term secured overnight financing rate, plus an applicable margin per annum, reset annually. Payments are monthly in arrears.
Collateral is comprised of an increase of an existing senior mortgage debenture over the fixed and floating assets of Touchstone and its subsidiaries.
Proceeds will go toward maintaining financial flexibility while proceeding with Royston-1X production testing operations and Cascadura facility construction, where first production is slated for the end of June 2023.
Republic Bank Limited is continuing to act as the sole lender, arranger and facility agent for the loan.
The new loan is in addition to the oil stock’s existing term facility of US$25.5 million, with 17 equal and consecutive quarterly principal payments of US$1.5 million outstanding and a maturity date of June 15, 2027.
Touchstone Exploration is a Calgary-based explorer, developer, producer and seller of petroleum and natural gas, with a primary focus on Trinidad and Tobago.
Touchstone Exploration (TSX:TXP) last traded at $0.96 per share.
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