Xcite Energy Limited ("Xcite Energy" or the "Company") GBP 20 million Increase in Equity Line
December 17 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 £60
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.
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 +44 (0) 1330
826740 Richard Smith Chief Executive Officer Rupert Cole Chief
Financial Officer Arbuthnot Securities Limited (Nomad and
Broker) +44 (0)20 7012 2000 Antonio Bossi Director Pelham Bell
Pottinger +44 (0) 20 7861 3232 Mark Antelme Director Henry
Lerwill Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant