Feb. 25, 2011 (Marketwire Canada) --
LONDON--(Marketwire - February 25, 2011) - This Announcement Is Not for Release, Publication or Distribution in or Into the United States.
Further to the announcement in relation to the draw down on the Standby Equity Distribution Agreement issued on 23 February 2011, Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) announces that it has received approval of the share issue by the TSX Venture Exchange and it has therefore made an application for the admission to AIM ("Admission") of 1,480,754 ordinary shares of no par value in the capital of the Company (the "New Ordinary Shares").
The New Ordinary Shares shall rank pari passu with the Company's existing issued ordinary shares of no par value ("Ordinary Shares") and dealings are expected to commence on 3 March 2011.
Following Admission, the Company's enlarged issued share capital will comprise 161,625,674 Ordinary Shares with one voting right per share. There are no shares held in treasury. The total number of voting rights in the Company is therefore 161,625,674.
This figure of 161,625,674 Ordinary 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 FSA's Disclosure and Transparency Rules.
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.
Xcite Energy Limited
Chief Executive Officer
Chief Financial Officer
+44 (0) 1330 826740
Arbuthnot Securities Limited
+44 (0)20 7012 2000
Pelham Bell Pottinger
+44 (0) 20 7861 3232
Paradox Public Relations
+1 514 341 0408