Oil and gas producer Xcite Energy has closed on the issue of 10m dollars worth of unsecured loan notes to a fund managed by West Face Capital.
The notes have an initial term of 236 days and may, subject to West Face's approval, be extended by Excite for a further 360 days. They have an interest of 14% per annum, which is payable in arrears on four pre-agreed dates in each relavent year.
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Excite can repay the loan notes any time after August 14th of this year, either in full or in part if it equals at least 10% of the outstanding amount,
The funds will be used to provide contingency funding during the important Phase 1A work programme on the Bentley field.
The share price rose 1.3% to 78p by 08:47.
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