Archive for the ‘Private Placement’ Category

Xcite Energy Limited announced the issue of secured bonds and placement of new shares

Wednesday, June 18th, 2014

Xcite Energy Limited, BVI-domiciled mining company working in the North Sea, has successfully raised US$140 million through the placing of senior secured bonds issued by its fully owned UK subsidiary Xcite Energy Resources Limited, and through a private placement of shares to new investors. The bonds have a term of two years and 12 per cent cash interest, payable quarterly in arrears. The bonds will be issued at 90 per cent of the face value, and subscribers for the bonbds, have also subscribed for 11,616,875 shares at a price of 68.5 pence per share. Additionally, a subscriber in the bond issue has subscribed for additional 4,302,546 shares, at the same price per share, for gross proceeds of US$ 5 million, to provide an aggregate gross proceeds from the Bond Issue and the Share Issue of US$ 140 million. The bonds are expected to be settled on 30 June 2014. The net proceeds from the bond issue and the private placement will be used to refinance the US$ 80 million, 12.5 per cent unsecured loan notes, due 25 December 2014 plus accrued interest and related obligations, to service interest payments under the bonds, to fund the Bentley field development work programme through this year, and for general corporate purposes.

Xcite Energy Limited announced closing of private placement

Tuesday, December 31st, 2013

British Virgin Islands-registered Xcite Energy Limited made an announcement that it has closed the non-brokered private placements of US$80 million aggregate principal amount of 12.5% unsecured loan notes, and 1,000,000 units, each unit consisting of one ordinary share in the capital of Xcite Energy and one ordinary share purchase warrant. The net proceeds of the private placements will be used to repay company’s outstanding 14% unsecured loan notes, which are valued at approximately US$72 million and at due 31 December 2013.

Upon the admission of the 1,000,000 BVI company’s shares to AIM, its enlarged issued share capital will comprise 292,811,000 shares with one voting right per share. The total number of voting rights in the company will therefore be 292,811,000. There will be a total of 17,250,000 outstanding warrants and 25,652,000 outstanding options to subscribe for Shares.

S3 Investment Company comments on the growth of BVI-owned Dalian Chuming

Tuesday, September 23rd, 2008

On September 15, the representative of the holding corporation S3 Investment Company, Inc. commented on the post reverse merger progress of Dalian Chuming, a client of S3’s wholly owned Redwood Capital subsidiary that now trades in the U.S. as Energroup Holdings Corporation, which assists private Chinese companies in accessing the U.S. capital markets through reverse mergers into public companies. The company participated in the transaction involving Dalian Chuming: Energroup Holdings Corporation is a Nevada corporation which acquired all of the issued and outstanding capital stock of Precious Sheen Investments Limited (PSI), a company registered in the British Virgin Islands and being the whole owner of China-based Dalian Chuming.

Under the terms of the reverse merger agreement, Redwood Capital was issued 428,095 shares of Energroup Holdings Corporation as the equity portion of its payment for advisory services provided as part of the Chuming transaction.

Institutional and accredited investors participated in a US$17.0 million private placement with Energroup Holdings Corporation, paying US$4.40 per share. At the placement price, the value of Redwood Capital’s equity position in Energroup Holdings Corporation would exceed US$1.8 million.