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Xcite Energy Limited (XEL)

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Wednesday 03 November, 2010

Xcite Energy Limited

Option award to Directors and

RNS Number : 5118V
Xcite Energy Limited
03 November 2010
 



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

 

TSX-V, LSE-AIM: XEL

 

 

November 3, 2010

Xcite Energy Limited

("Xcite Energy" or the "Company")

 

Option award to Directors and Management Team, and warrant issue

 

Xcite Energy announces the award of in aggregate 3,600,000 options to purchase ordinary shares of the Company to each of the following Directors and members of the Xcite Energy Resources Limited (the Company's wholly owned subsidiary) management team:

 

Roger Ramshaw, Gregory Moroney, Timothy Jones, Scott Cochlan, Richard Smith, Stephen Kew, Rupert Cole, Jonathan Dale, Barnaby Brennan, Richard West, Charles Lucas-Clements and Thomas Blystad.

 

The options, which vest immediately, were granted today under the terms of the Company's share option scheme by reference to the closing price of the Company's ordinary shares on November 2, 2010.  All options have an exercise price of CAN$2.92 per ordinary share and are exercisable for a period of five years. This award recognises the significant progress that has been made with respect to the Bentley field during 2010.

 

Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:

 


Option award now being made

Aggregate ordinary shares under option




Roger Ramshaw

100,000

500,000




Gregory Moroney

100,000

400,000




Timothy Jones

100,000

400,000




Scott Cochlan

100,000

400,000




Richard Smith

400,000

2,331,000




Stephen Kew

400,000

2,331,000




Rupert Cole

400,000

2,331,000

 

                      

In addition, the Company has issued 200,000 warrants to purchase ordinary shares of the Company to Ammonite CapitalPartners L.P. to satisfy the terms of the advisory agreement entered into in 2007. These warrants have been granted by reference to the closing price of the Company's ordinary shares on November 2, 2010 at an exercise price of CAN$2.92 per ordinary share and are exercisable for a period of two years.The grant of these warrants is subject to TSX Venture Exchange approval.

 

 

 

 

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

Henry Lerwill

 

Director

 

 

Paradox Public Relations


+1 514 341 0408

Jean-Francois Meilleur

Consultant





 

 

Neither 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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