REG - Touchstone Explrtn. - CLOSING OF EXPANDED BANK FACILITIES

Touchstone ExplorationAnnouncement

22/04/2024 07:00

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RNS Number : 4768L  Touchstone Exploration Inc.  22 April 2024

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
(https://url.avanan.click/v2/___http:/www.touchstoneexploration.com/___.YXAxZTpzaG9yZWNhcDphOm86NjhmMTNlYmU3ZjdlZDY3NWJjYWUxOWVmYTQ1NDRiZWY6NjozZTEzOjE1YmU5NzYwODE4MjE4YzI5YzY4ZDVjMGMzYTI2YzMwZTZjZGI1N2QzMmYwY2MxOThkYmVjMWVkMTFlMmMzZGI6cDpG)
or contact:

 

 Touchstone Exploration Inc.

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

 Scott Budau, Chief Financial Officer

 James Shipka, Chief Operating Officer

 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                         Tel: +44 (0) 203 727 1000

                                                     Email: touchstone@fticonsulting.com (mailto:touchstone@fticonsulting.com)

 

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
(https://url.avanan.click/v2/___http:/www.sedarplus.ca/___.YXAxZTpzaG9yZWNhcDphOm86NjhmMTNlYmU3ZjdlZDY3NWJjYWUxOWVmYTQ1NDRiZWY6Njo4MzU3OmMxMDY0ZGE0NzgzZjQ1N2I1YmM5Y2FlZGEwYWUzNTMzZjMzMDllMDc2M2E1NjY3YmRkMWYwMDI2N2JhM2I3MTc6cDpG)
) and on the Company's website (www.touchstoneexploration.com
(https://url.avanan.click/v2/___http:/www.touchstoneexploration.com/___.YXAxZTpzaG9yZWNhcDphOm86NjhmMTNlYmU3ZjdlZDY3NWJjYWUxOWVmYTQ1NDRiZWY6NjozZTEzOjE1YmU5NzYwODE4MjE4YzI5YzY4ZDVjMGMzYTI2YzMwZTZjZGI1N2QzMmYwY2MxOThkYmVjMWVkMTFlMmMzZGI6cDpG)
). 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.

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