Xcite Energy Limited ("Xcite Energy" or the "Company") GBP 40 Million Increase in Equity Line
March 18 2011 - 2:00AM
Marketwired
This Announcement Is Not for Release, Publication or Distribution
in or Into the United States.
Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) announces that
it has increased its Standby Equity Distribution Agreement ("SEDA")
with YA Global Master SPV Ltd ("Yorkville") by £40 million to £100
million. This is subject to TSX Venture Exchange approval.
In connection with this SEDA increase, the Company will pay
Yorkville an aggregate fee of £400,000, of which £100,000 will be
payable when any part of the first £20 million of this increased
facility is accessed by the Company, £100,000 will be payable when
any part of the second £20 million is accessed by the Company and
£100,000 will be paid on 27 September 2011 in respect of each £20
million tranche that has been accessed at that time. Prior to this
SEDA increase, £27.25 million was available for draw down.
Funding under the SEDA will be used as future working capital
for the Company and to progress towards the first stage production
of the Bentley field.
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.
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future
outlook and anticipated events or results and, in some cases, can
be identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "intend", "estimate",
"predict", "target", "potential", "continue" or other similar
expressions concerning matters that are not historical facts. These
statements are based on certain factors and assumptions including
expected growth, results of operations, performance and business
prospects and opportunities. While the Company considers these
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect. Forward-looking
information is also subject to certain factors, including risks and
uncertainties that could cause actual results to differ materially
from what we currently expect. These factors include risks
associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates
oil and gas potential properties), the risk of commodity price and
foreign exchange rate fluctuations and the ability of Xcite Energy
to secure financing. Additional information identifying risks and
uncertainties are contained in the Company's annual information
form dated October 26, 2010 and in the annual Management's
Discussion and Analysis for Xcite Energy dated October 29, 2010
filed with the Canadian securities regulatory authorities and
available at www.sedar.com. The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required under applicable securities regulations.
ENQUIRIES: Xcite Energy Limited Richard Smith
Chief Executive Officer Rupert Cole Chief Financial Officer +44 (0)
1483 549 063 Arbuthnot Securities Limited (Nomad and Broker)
Antonio Bossi Director +44 (0) 20 7012 2000 Pelham Bell
Pottinger Mark Antelme Henry Lerwill Director +44 (0) 20 7861
3232 Paradox Public Relations Jean-Francois Meilleur
Consultant +1 514 341 0408
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