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Xcite Energy Limited (XEL)

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Monday 28 March, 2011

Xcite Energy Limited

Drawdown on Equity Line

RNS Number : 6959D
Xcite Energy Limited
28 March 2011
 



 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

 

TSX-V, LSE-AIM: XEL

 

 

 

28 March 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 £5 million (CAD$7.865 million). This draw down has been undertaken at a price of £3.21 (CAD$5.05) per share and will result in the issue of 1,558,314 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) 1483 549063

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

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
 
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