Touchstone Announces Expansion of Credit Facility to $30M
Source: www.gulfoilandgas.com 12/22/2021, Location: South America
Touchstone Exploration Inc. has entered into an amended and restated loan agreement with its Trinidad based ender providing for a $10 million increase in the principal balance to $30 million (the "Amended Loan Agreement").
Touchstone currently has $15 million of the loan principal balance drawn and anticipates withdrawing the remaining $15 million available balance prior to the end of 2021. The Amended Loan Agreement provides enhanced financial flexibility at attractive after tax pricing.
The Amended Loan Agreement did not alter any material terms of the Company's prior loan agreement, save for an additional underwriting fee of $50,000 payable to the lender, equivalent to 0.5% of the increased principal amount. The following material terms and conditions of the original loan agreement remain applicable:
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