Xcite Energy Limited Announces Agreement to the obligations under the senior secured debt and the admission of the new shares
Aberdeenshire, UK - (Marketwire Wired - July 1, 2014) - Xcite Energy (TSX-V: XEL) (LSE: XEL) ("Xcite Energy" or the "Company") is pleased to announce the settlement of its previously announced announce U.S. $ 135,000 .000 issue of Senior Secured Notes (the "Notes"), which owned by its 100% subsidiary in the United Kingdom Xcite Energy Resources Limited ("XER") and the admission of 11,616,875 new shares (the "Shares") issued Society. The settlement date of the bond was June 30, 2014 (the "Settlement Date") and ending 30 June 2016.
Rupert Cole, CEO of Xcite Energy said:
"The completion of this financing is very positive for us because now we have the flexibility and resources to work with our development partners on the submission of a field development plan. Based tank without risks and simplified plan development further the project cost and schedule to two key questions in many to define projects in the North Sea address., we also work to reduce the need for cash in advance in order to minimize the project financing needs of the FDP, and we will continue to explore ways that the first phase of development, including discussions with potential partners rate to finance. "
Number of voting rights
After the admission of the Shares ("Admission"), the extension of the issued shares of the Company is 308,730,421 shares, each share include the electorate. There are no treasury shares. The total number of voting rights in the Company after the recording is 308 730 421. Give approval, it will be a total of 17.25 million options outstanding warrants and shares to be 25.652 million.
This figure of 308,730,421 shares by the 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 to increase the share capital of the Company is applied in disclosure according to the Financial Conduct Authority and Transparency Rules.
Forward-Looking Statements
Certain statements in this press release forward-looking statements within the meaning of securities laws, including but not limited to, information about the bonds and stocks and shares admission to AIM. "Be identified plans" Forward-looking statements can be the future prospects of the company and the expected events or results, and relate in some cases, including terms such as "may", "will", "should", "expects", "anticipates" "believe," "intend," "estimate," "predict," "goal," "potential," "continue" or similar expressions relating to 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. Although the Company believes that these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Forward-looking statements are subject to certain factors, including risks and uncertainties that may cause actual results to differ materially from the forward to see what we currently differ. These factors include risks associated with the oil and gas (including operational risks in exploration and development and uncertainties of the oil and gas potential estimates properties), modify the risk of commodity prices and exchange rate fluctuations and the ability of Xcite Energy funding to secure. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether if this is not required as a result of new information, future events or otherwise, by the provisions of applicable securities laws.
Neither the TSX Venture Exchange (as that term is defined in the policies of the TSX Venture Exchange) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Information:
Xcite Energy Limited
+44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Liberum (Joint broker and adviser nominated)
+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
The news service of the Wall Street Journal has not participated in the creation of this content.
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