15th Nov 2010 07:00
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
TSX-V, LSE-AIM: XEL
15 November 2010
Xcite Energy Limited
("Xcite Energy" or the "Company")
£20 million Increase in Equity Line
Xcite Energy announces that it has increased its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ("Yorkville") by £20 million to £40 million. This is subject to TSX Venture Exchange approval.
In connection with this SEDA increase, the Company will pay Yorkville a fee of £200,000, of which £100,000 will be payable when any part of this increase is accessed by the Company and £100,000 will be paid on 27 September 2011.
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 without delay.
ENQUIRIES:
Xcite Energy Limited |
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+44 (0) 1330 826740 |
Richard Smith | Chief Executive Officer |
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Rupert Cole | Chief Financial Officer |
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Arbuthnot Securities Limited (Nomad and Broker) |
| +44 (0)20 7012 2000 |
Antonio Bossi | Director |
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Pelham Bell Pottinger |
| +44 (0) 20 7861 3232 |
Mark Antelme Henry Lerwill
| Director |
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Paradox Public Relations |
| +1 514 341 0408 |
Jean-Francois Meilleur | Consultant |
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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.
Related Shares:
Xcite Energy