sur Touchstone Exploration, Inc. (CVE:TXP)
Touchstone Exploration Amends Loan Agreement to Support Trinidad Acquisition
Touchstone Exploration Inc., a Calgary-based oil and gas company, has announced an amended loan agreement with its Trinidad subsidiary to support a pending acquisition. The subsidiary, Touchstone Exploration (Trinidad) Ltd., will acquire a Trinidadian company for approximately $28.5 million, with an initial $23 million cash payment.
To finance this acquisition, Touchstone has secured a new $30 million term loan facility with no repayments for the first eleven months. This will be followed by quarterly repayments. The maturity date on an existing revolving loan facility has also been extended by two years.
The acquisition, originally arranged in December 2024, is set to close after conditions precedent are met. The deadline has now been extended to May 16, 2025.
R. H.
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