Touchstone Exploration draws $15m loan to satisfy former facility

Touchstone Exploration announced on Tuesday the conditions precedent of its previously-announced $20m (£15.83m), seven-year term loan agreement with Republic Bank have been satisfied.

The AIM-traded firm said it withdrew $15m to satisfy obligations relating to prepaying its former CAD 20m (£11.66m) credit facility.

“Pursuant to the term loan, Touchstone has the option to withdraw the remaining $5m available balance prior to 15 June 2021,” the board said in its statement.

At 1131 BST, shares in Touchstone Exploration were up 0.1% at 50.55p.