Drawdown on Equity Line (6833B)
23 February 2011 - 6:01PM
UK Regulatory
TIDMXEL
RNS Number : 6833B
Xcite Energy Limited
23 February 2011
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN OR INTO THE UNITED STATES
TSX-V, LSE-AIM: XEL
23 February 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Drawdown on Equity Line
Xcite Energy announces that it has drawn down on its Standby
Equity Distribution Agreement ("SEDA") with YA Global Master SPV
Ltd ("Yorkville") in the amount of GBP5 million (CAD$7.975
million). This draw down has been undertaken at a price of GBP3.38
(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.
ENQUIRIES:
Xcite Energy Limited +44 (0) 1330 826740
Chief Executive
Richard Smith Officer
Chief Financial
Rupert Cole Officer
Arbuthnot Securities Limited +44 (0)20 7012
(Nomad and Broker) 2000
Antonio Bossi Director
+44 (0) 20 7861
Pelham Bell Pottinger 3232
Mark Antelme
Henry Lerwill Director
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant
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
END
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