Xcite Energy closes second stage of private placing
Oil and gas producer Xcite Energy has closed the second stage of its private placing with Global Resource Funding Partners, with which it has placed 12.5m units rather than the orginally planned 10m.
Oil and gas producer Xcite Energy has closed the second stage of its private placing with Global Resource Funding Partners, with which it has placed 12.5m units rather than the orginally planned 10m.
The overall number of units placed is now 32.5m, prividing the company with gross proceeds of around £8.3m. The placing will occur in three stages.
Each unit comprises one ordinary share in the capital of the company and one-half of one ordinary share purchase warrant. Each warrant is exercisable for one additional share at 120% of the unit price per share for three years from the date of issue.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm also said the the pre-production flow test is progressing well, with a gradually increasing flow rate having been undertaken during optimisation of process equipment, to the current stabilised rate of around 2,900 barrels per day. Bentley crude oil collected so far in the Scott Spirit tanker is in excess of 10,000 barrels.
The share price fell 0.32% to 77.50p by 11:05.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap