Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has closed an agreed extension of its lending facilities, adding an additional $10 million of borrowing capacity to its five-year non-revolving term loan facility.
The firm’s existing revolving loan facility borrowing capacity has also increased by $3 million to $10 million.
“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 said in a statement.
The company noted it has a total of $26.5 million in bank debt principal currently outstanding.