REG - Xcite Energy Limited - Drawdown on Equity Line Agreement

Wed Jun 13, 2012 2:00am EDT

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RNS Number : 2390F
Xcite Energy Limited
13 June 2012
 



 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

 

TSX-V, LSE-AIM: XEL

 

 

 

13 June 2012

 

Xcite Energy Limited

("Xcite Energy" or the "Company")

 

Drawdown on Equity Line Agreement

 

Xcite Energy announces that it has drawn down on its Equity Line Agreement (the "facility") with Esousa Holdings, LLC ("Esousa") dated 16 December 2011 in the amount of £2.29 million (CAD$3.66 million). This draw down has been undertaken at a price of 87p (CAD$1.39) per share and will result in the issue of 2,584,693 ordinary shares of no par value in the capital of the Company (the "New Ordinary Shares") to Esousa. This funding will be used as future working capital for the Company and to progress towards first oil from the Bentley field.

 

Subject to the terms of the facility and except in accordance with Canadian securities laws and with prior written approval of the TSX Venture Exchange, the New Ordinary Shares 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 conditional 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 (each, an "Ordinary Share").

 

Subject to approval by the TSX Venture Exchange, following the issue of the 2,584,693 New Ordinary Shares the total Ordinary Shares in the Company in issue will be 250,278,323.

 

 



 

 

ENQUIRIES:

 

Xcite Energy Limited


 

 

 

+44 (0) 1483 549 063

Richard Smith

Chief Executive Officer


Rupert Cole

Chief Financial Officer





Oriel Securities (Joint Broker and Nomad)

+44 (0) 20 7710 7600

Emma Griffin

Partner


Michael Shaw

Partner





Morgan Stanley (Joint Broker)


+44 (0) 20 7425 8000

Andrew Foster

Managing Director





Pelham Bell Pottinger


+44 (0) 20 7861 3232

Mark Antelme

Director


Henry Lerwill

Account 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.           

 


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