Touchstone Exploration has announced that the company’s wholly owned T&T subsidiary company has entered into a second amended and restated loan agreement with its Trinidad-based lender providing for an additional US$7 million revolving loan.
The Amended Loan Agreement provides for a US$7 million revolving loan facility in addition to the existing term facility. The existing term facility component of the Amended Loan Agreement currently has a principal balance of US$25.5 million, with seventeen equal and consecutive quarterly principal payments of US$1.5 million outstanding and a maturity date of June 15, 2027. Republic Bank Limited is continuing to act as the sole lender, arranger, and facility agent of the Amended Loan Agreement.
Touchstone intends to use the revolving loan proceeds to maintain financial flexibility while they proceed with Royston-1X production testing operations and Cascadura facility construction where they continue to target for first production on or around June 30, 2023