Xcite Energy Limited ("Xcite Energy" or the "Company") GBP 20 Million Increase in Equity Line
November 15 2010 - 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 £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.
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.
ENQUIRIES: Xcite Energy Limited Richard Smith Chief
Executive Officer Rupert Cole Chief Financial Officer +44 (0) 1330
826740 Arbuthnot Securities Limited (Nomad and Broker)
Antonio Bossi Director +44 (0)20 7012 2000 Pelham Bell
Pottinger Mark Antelme Director Henry Lerwill +44 (0) 20 7861
3232 Paradox Public Relations Jean-Francois Meilleur
Consultant +1 514 341 0408