30 January 2012
Xcite Energy Limited ("Xcite Energy" or the "Company") Drawdown on Equity Credit Facility
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 £3.537
million (CAD$5.571 million). This draw down has been
undertaken at a price of £0.9395 (CAD$1.480) per share and
will result in the issue of 3,765,060 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
3,765,060 New Ordinary Shares the total Ordinary Shares in
the Company in issue will be 209,770,424.
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063Richard Smith Chief Executive Officer
Rupert Cole Chief Financial Officer
Oriel Securities (Joint Broker and Nomad) +44 (0) 20 7710 7600Emma Griffin Simon Edwards | Partner Partner | |
Morgan Stanley (Joint Broker) Andrew Foster | Managing Director | +44 (0) 20 7425 8000 |
Pelham Bell Pottinger Mark Antelme | Director | +44 (0) 20 7861 3232 |
Henry Lerwill | Account Director | |
Paradox Public Relations Jean-Francois Meilleur | Consultant | +1 514 341 0408 |
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.
Oriel Securities which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.
Morgan Stanley which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.
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London, 30 January 2012 Xcite Energy announces drawdown on equity credit facility |