This draw down under the SEDA has been undertaken at a price of £2.45 per share and will result in the issue of 2,447,695 ordinary shares of no par value in the capital of the company to Yorkville.
Funding under the SEDA will be used as future working capital for Xcite Energy and to progress towards the first stage production of the Bentley field in the UK North Sea.
Xcite Energy is focused on the exploration and development of heavy oil resources in the North Sea on the UK Continental Shelf.
