The TSX Venture Exchange has accepted for filing Xcite Energy Ltd.'s proposal to issue 11,616,875 bonus common shares of the company at a deemed price of 68.5 British pence (approximately $1.262 (Canadian)) per bond share under a proposed non-convertible bond offering. Under the terms of the offering, the company will be issuing approximately $150-million principal non-convertible bonds, which will be issued at a 90-per-cent discount to face value along with the bond shares.

In addition, the company issued 4,302,546 common shares of the company at a price of 68.5 British pence per placed share to a sole subscriber under the offering.