Business
Crown Capital Partners Announces Repayment of Loan by Touchstone Exploration
Crown Capital Partners Announces Repayment of Loan by Touchstone Exploration Canad...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Partners Announces Repayment of Loan by Touchstone Exploration\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, AB, June 15, 2020\n\n\n\nCALGARY, AB, June 15, 2020 /CNW/ - Crown Capital Partners Inc. (\"Crown\") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced the full repayment by Touchstone Exploration Inc. (\"Touchstone\") (TSX: TXP) of a loan managed by Crown. \nTouchstone is a Calgary-based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. In November 2016, Crown Capital Partner Funding, LP (\"Crown Partners Fund\") provided a $15.0 million, 60-month term loan to Touchstone. The term loan was later increased to $20.0 million and the maturity was extended to November 2023. The arrangement also included a production payment agreement (maturing October 31, 2023), entitling Crown Partners Fund to a quarterly payment of 1.33% of Touchstone's gross revenue from production.\n\"The Touchstone team has done an outstanding job executing its growth plan during a generally challenging period for the oil and gas industry, benefiting from a low-cost production model and an increasing focus on natural gas,\" said Chris Johnson, President and CEO of Crown. \"With a new senior loan facility in place with a Trinidadian bank, the company is in a solid financial position and we wish them continued success.\"\nPaul Baay, President and Chief Executive Officer of Touchstone, said: \"Crown Capital has been a long-standing and supportive financial partner for our business, providing us the capital and flexibility to focus on the development of our onshore Trinidad assets and pursue our other operational priorities.\" \nTouchstone has prepaid the loan in full, including principal, interest and fees. The loan was held by Crown Partners Fund, an investment fund manag...