Xcite Energy Limited Announces Settlement of Senior Secured Bond and Admission of New Shares
01 Juli 2014 - 8:00AM
Marketwired
Xcite Energy Limited Announces Settlement of Senior Secured Bond
and Admission of New Shares
ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - Jul 1, 2014) -
Xcite Energy (TSX-VENTURE: XEL) (LSE: XEL) ("Xcite Energy" or the
"Company") is pleased to announce the settlement of its previously
announced US$135 million senior secured bond issue (the "Bonds")
issued by its 100% UK subsidiary Xcite Energy Resources Limited
("XER") and the admission of 11,616,875 new shares (the "Shares")
in the Company. The settlement date for the Bonds was 30 June 2014
(the "Settlement Date") and they will mature on 30 June 2016.
Rupert Cole, CEO of Xcite Energy commented:
"Completion of this financing is very positive for us as we
now have the flexibility and additional resources to work with our
development partners towards submission of a field development
plan. Having de-risked the reservoir and simplified the development
plan, we are further defining the project costs and schedule in
order to address two of the key issues facing many projects in the
North Sea. We are also working to reduce the upfront cash
requirements of the project to minimise the funding requirements
for FDP, and we shall continue to evaluate the financing options
available for the first phase development, including discussions
with potential partners."
Total Voting Rights
Following admission of the Shares ("Admission"), the Company's
enlarged issued share capital will comprise 308,730,421 Shares with
one voting right per share. There are no shares held in treasury.
The total number of voting rights in the Company following
Admission will therefore be 308,730,421. At Admission there will be
a total of 17,250,000 outstanding warrants and 25,652,000
outstanding options to subscribe for shares.
This figure of 308,730,421 Shares may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company
under the Financial Conduct Authority's Disclosure and Transparency
Rules.
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws,
including, but not limited to, information relating to the
settlement of the Bonds and Shares, and admission to AIM of the
Shares. 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. 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.
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
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
ENQUIRIES: Xcite Energy Limited +44 (0) 1483 549 063 Rupert Cole
/ Andrew Fairclough Liberum (Joint Broker and Nominated Adviser)
+44 (0) 203 100 2222 Clayton Bush / Tim Graham Morgan Stanley
(Joint Broker) +44 (0) 207 425 8000 Andrew Foster Bell Pottinger
+44 (0) 207 861 3232 Mark Antelme / Henry Lerwill
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