Xcite Resources closes brokered offerings
Executive Summary
- Xcite Resources closed its brokered LIFE offering (9,166,667 units at $0.12/unit) raising $1.1 M and a flow‑through offering (3,105,000 shares at $0.16/share) raising $496,800.
- The company also closed the initial tranche of its concurrent non‑brokered private placements, generating $757,999.92 in gross proceeds.
- Net proceeds are earmarked for exploration and development of uranium projects in the Athabasca Basin and for eligible flow‑through Canadian exploration expenses.
Key Details
- Brokered LIFE Offering
- Units sold: 9,166,667 (each unit = 1 common share + ½ warrant)
- Price per unit: $0.12
- Gross proceeds: $1,100,000
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Warrants issued to investors: 733,733 broker warrants (exercisable at $0.12/unit for 24 months)
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Brokered Flow‑Through Offering
- Shares sold: 3,105,000 flow‑through common shares
- Price per share: $0.16
- Gross proceeds: $496,800
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Broker warrants issued: 248,400 (exercisable at $0.16/share for 24 months)
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Commission & Fees
- Cash commission paid to Canaccord Genuity Corp.: 8 % of gross brokered proceeds.
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Corporate finance fee paid in kind: 1,000 common shares at $0.12/share ($120,000).
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Concurrent Non‑Brokered Private Placements – Initial Tranche
- Units sold: 6,049,999 non‑brokered units @ $0.12 → $725,999.92
- Flow‑through shares sold: 200,000 non‑brokered FT shares @ $0.16 → $32,000
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Total gross proceeds of initial tranche: $757,999.92
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Future Non‑Brokered Tranche
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Expected close: on or about Oct. 8, 2025 (second tranche).
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Finder’s Fees & Warrants
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Potential finder’s fees up to 8 % of gross proceeds; no fees or warrants issued for the initial tranche.
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Use of Proceeds
- Exploration and development of uranium projects in the Athabasca Basin.
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Flow‑through portion directed toward eligible Canadian exploration expenses qualifying as flow‑through critical mineral mining expenditures under the Income Tax Act (Canada).
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Securities Law Matters
- LIFE units are free trading.
- All securities from the flow‑through offering, initial non‑brokered tranche, broker warrants, and finance‑fee shares subject to a statutory hold period expiring Feb. 9, 2026.