Xcite Energy Limited ("Xcite Energy" or the "Company") Drawdown on Equity Line
23 February 2011 - 6:00PM
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 £5 million (CAD$7.975 million). This draw down has been
undertaken at a price of £3.38 (CAD$5.40) per share and will result
in the issue of 1,480,754 ordinary shares of no par value in the
capital of the Company (the "New Ordinary Shares") to
Yorkville.
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.
This information is provided by RNS The company news service
from the London Stock Exchange
ENQUIRIES: Xcite Energy Limited +44 (0) 1330
826740 Richard Smith Chief Executive Officer Rupert Cole Chief
Financial Officer Arbuthnot Securities Limited (Nomad and
Broker) +44 (0)20 7012 2000 Antonio Bossi Director Pelham Bell
Pottinger +44 (0) 20 7861 3232 Mark Antelme Director Henry
Lerwill Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant
Xcite Energy Limited (TSXV:XEL)
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