30 Dec 2013 14:05
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
LSE-AIM, TSX-V: XEL
30 December 2013
Xcite Energy Limited
("Xcite Energy" or the "Company")
Closing of Re-financing of Unsecured Loan Notes
Xcite Energy is pleased to announce that it has closed the non-brokered private placements of: (i) US$80 million aggregate principal amount of 12.5% unsecured loan notes, and (ii) 1,000,000 units, each unit consisting of one ordinary share in the capital of the Company (each, a "Share") and one ordinary share purchase warrant, the details and terms of such private placements were previously announced by the Company on 17 December 2013.
The net proceeds of the private placements will be used to repay the Company's outstanding 14% unsecured loan notes, which are due 31 December 2013 and are currently valued at approximately US$72 million aggregate principal amount (including payment-in-kind interest accrued thereon), with the balance of the proceeds to be used for general corporate purposes.
Total Voting Rights
Following admission of the 1,000,000 Shares to AIM ("Admission"), the Company's enlarged issued share capital will comprise 292,811,000 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 292,811,000. 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 292,811,000 Shares may be used by shareholders of 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.
This press release shall not constitute an offer for sale of the securities referenced herein in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an exemption from those registration requirements.
ENQUIRIES:
Xcite Energy Limited |
|
+44 (0) 1483 549 063 |
Rupert Cole / Andrew Fairclough |
|
|
|
| |
Liberum Capital Limited (Joint Broker and Nominated Adviser) | +44 (0) 203 100 2000 | |
Clayton Bush / Tim Graham |
|
|
|
| |
Morgan Stanley (Joint Broker) |
| +44 (0) 207 425 8000 |
Andrew Foster |
|
|
|
| |
Pelham Bell Pottinger |
| +44 (0) 207 861 3232 |
Mark Antelme / Henry Lerwill |
|
|
| ||
Paradox Public Relations |
| +1 514 341 0408 |
Jean-Francois Meilleur |
|
|
|
|
|
Forward-Looking Statements
Certain statements contained in this announcement constitute forward-looking information within the meaning of securities laws. 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. Additional information identifying risks and uncertainties are contained in the annual Management's Discussion and Analysis for Xcite Energy dated 25 March 2013 filed with the Canadian securities regulatory authorities and available at www.sedar.com. 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) acceptsresponsibility for the adequacy or accuracy of this release.