Xcite Energy Limited announced closing of private placement

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.

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