By Devika Patel
Knoxville, Tenn., March 18 - Xcite Energy Ltd. said it took in C$38.42 million in a private placement of shares.
The company sold 61,972,394 ordinary shares at C$0.62 each.
Octagon Capital Corp. and CIBC World Markets Inc. were the agents.
Proceeds will be used for the drilling and flow testing of the 9/3b-R pre-development well on the company's Bentley oil field. The balance of the proceeds will be used for general working capital purposes.
Xcite Energy is an oil exploration and development company based in Tortola, Virgin Islands.
| Issuer: | Xcite Energy Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | C$38,422,884
|
| Shares: | 61,972,394
|
| Price: | C$0.62
|
| Warrants: | No
|
| Agent: | Octagon Capital Corp. and CIBC World Markets Inc.
|
| Settlement date: | March 18
|
| Stock symbol: | TSX Venture: XEL
|
| Stock price: | C$0.62 at close March 17
|
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