on Touchstone Exploration, Inc. (isin : CA89156L1085)
Touchstone Exploration Expands Bank Facilities
Touchstone Exploration Inc. announced the closure of an amended loan agreement with a Trinidad-based lender. This agreement expands the company’s borrowing capabilities, providing an additional $10 million five-year non-revolving loan, and increasing the existing revolving loan capacity from $7 million to $10 million. These developments complement Touchstone’s existing seven-year term loan facility, maintaining a principal balance of $19.5 million.
With an aim to utilize the newly acquired funds, Touchstone plans to direct the $10 million term loan towards its 2024 capital projects. The increased revolving loan capacity is designated for general working capital purposes as needed. As per their latest financial update, Touchstone has $26.5 million in outstanding bank debt principal.
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