Xcite Energy Limited ("Xcite Energy" or the "Company") Drawdown on Equity Line
07 October 2010 - 5:00PM
Marketwired
This Announcement Is Not for Release, Publication or Distribution
in or Into the United States.
Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) announces that
it has drawn down on its Standby Equity Distribution Agreement
("SEDA") with YA Global Master SPV Ltd ("Yorkville") in the amount
of £3 million. This draw down under the SEDA has been undertaken at
a price of £1.056 (Cdn.$1.70) per share and will result in the
issue of 2,840,893 million ordinary shares of no par value in the
capital of the Company (the "New Ordinary Shares") to
Yorkville.
As stated in its press release of September 28, 2010, funding
under the SEDA will be used as future working capital for the
Company and to progress towards the first stage production of the
Bentley field without delay.
In connection with this draw down, the Company will pay to
Yorkville a fee of £75,000 and will issue to Yorkville 150,000
share purchase warrants. Each share purchase warrant entitles
Yorkville to subscribe for an additional share in the capital of
the Company at a price of £2.34 (Cdn.$3.70) for a period of 24
months from the date of issue.
Subject to the terms of the SEDA and except in accordance with
Canadian securities laws and with prior written approval of the TSX
Venture Exchange, the shares issued to Yorkville under this draw
down may not be sold or otherwise traded on or through the
facilities of the TSX Venture Exchange or otherwise in Canada or to
or for the benefit of a Canadian resident until the date that is
four months and one day from the date of issue.
Application will be made for the admission to AIM ("Admission")
of the New Ordinary Shares upon approval of the share issue by the
TSX Venture Exchange. The New Ordinary Shares will rank pari passu
with the Company's existing issued Ordinary Shares.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
ENQUIRIES: Xcite Energy Limited Richard Smith
Chief Executive Officer Rupert Cole Chief Financial Officer +44 (0)
1330 826740 Arbuthnot Securities Limited (Nomad and Broker)
Antonio Bossi Director +44 (0)20 7012 2000 Pelham Bell
Pottinger Mark Antelme Director Henry Lerwill +44 (0) 20 7861
3232 Paradox Public Relations Jean-Francois Meilleur
Consultant +1 514 341 0408
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