Touchstone Exploration Inc. Increase of Term Credit Facility (9019R)
01 Novembre 2019 - 8:00AM
UK Regulatory
TIDMTXP
RNS Number : 9019R
Touchstone Exploration Inc.
01 November 2019
TOUCHSTONE ANNOUNCES INCREASE IN TERM CREDIT FACILITY
Calgary, Alberta - November 1, 2019 - Touchstone Exploration
Inc. ("Touchstone" or the "Company") (TSX / LSE: TXP) announces a
C$5 million increase of its term credit facility to an aggregate of
C$20 million, which the Company will use to fund the drilling of
the second exploration well on its Ortoire concession and for
general working capital purposes.
The terms of the October 31, 2019 amended term credit agreement
(the "Amended Term Credit Facility") are materially unchanged from
the term credit facility established in November 2016 and amended
in June 2018 and April 2019. The Amended Term Credit Facility
continues to bear a fixed interest rate of 8% per annum, compounded
and payable quarterly, with no mandatory principal payments until
January 1, 2021. Touchstone is now required to repay C$1,100,000
per quarter commencing on January 1, 2021 through October 1, 2023,
and the then outstanding principal balance is repayable on the
November 23, 2023 maturity date. As consideration for the Amended
Term Credit Facility, the Company paid the lender a commitment fee
of C$100,000.
In connection with the Amended Term Credit Facility, the Company
amended its related Production Payment Agreement with the lender.
The Company's amended future production obligations increased from
1% of petroleum sales to 1.33% 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.
The expanded facility will primarily be used to fund the
Company's Cascadura-1 exploration well, which is currently drilling
and is anticipated to reach total depth in mid-November. In
addition, Touchstone has moved in a service rig to Coho-1 to
commence production testing. Test results are expected to be
available in mid-November.
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".
For Further Information:
Touchstone Exploration Inc.
Mr. Paul Baay, President and Chief Executive Officer Tel: +1
(403) 750-4487
Mr. James Shipka, Chief Operating 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) Tel: +44 (0) 203 781 8330
Nick Hennis / Jane Glover
Forward-Looking Statements
Certain information provided in this announcement may constitute
forward-looking statements within the meaning of applicable
securities laws. Forward-looking information in this announcement
may include, but is not limited to, statements relating to the
expected use of the increased term credit facility proceeds and
expected timing and completion of exploration drilling and
production testing operations. 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 2018 Annual
Information Form dated March 26, 2019 which has been filed on SEDAR
and can be accessed at www.sedar.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 to update publicly or
revise any forward-looking statements made herein or otherwise,
whether as a result of new information, future events or
otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRCKDDNNBDBNKN
(END) Dow Jones Newswires
November 01, 2019 03:00 ET (07:00 GMT)
Grafico Azioni Touchstone Exploration (LSE:TXP)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Touchstone Exploration (LSE:TXP)
Storico
Da Apr 2023 a Apr 2024