THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR
INTO THE UNITED STATES
TSX-V, LSE-AIM: XEL
28 March 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Drawdown on Equity Line
Xcite Energy announces that it has drawn down on its Standby Equity
Distribution Agreement ("SEDA") with YA Global Master SPV Ltd
("Yorkville") in the amount of GBP5 million (CAD$7.865 million). This
draw down has been undertaken at a price of GBP3.21 (CAD$5.05) per share
and will result in the issue of 1,558,314 ordinary shares of no par
value in the capital of the Company (the "New Ordinary Shares") to
Yorkville.
Subject to the terms of the SEDA and except in accordance with Canadian
securities laws and with prior written approval of the TSX Venture
Exchange, the shares issued to Yorkville under this draw down 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 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.
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549063
Richard Smith Chief Executive Officer
Rupert Cole Chief Financial Officer
Arbuthnot Securities +44 (0)20 7012 2000
Limited
(Nomad and Broker)
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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
Contact Information: Contacts: RNS Customer Services 0044-207797-4400 http://www.rns.com