Xcite Resources Announces Closing of Third Tranche of Non-Brokered Financing

Executive Summary

• Xcite Resources Inc. closed the third tranche of its non‑brokered private placement, raising gross proceeds of $3,269,480.
• The offering consisted of 26,016,667 units at $0.12 per unit and 921,750 flow‑through common shares at $0.16 per share.
• Net proceeds are earmarked for exploration and development of uranium projects in the Athabasca Basin and general corporate purposes.

Key Details

• Units Issued: 26,016,667 units @ $0.12 each → $3,122,000 gross proceeds.
• Flow‑Through Shares Issued: 921,750 FT shares @ $0.16 each → $147,480 gross proceeds.
• Unit Composition: Each unit = 1 common share + ½ warrant; warrants allow purchase of one common share at $0.20 anytime after Dec 22 2025 until Oct 22 2029.
• Previous Tranches: Prior closures raised $1,657,200 (unit offering) and $163,000 (FT offering).
• Use of Proceeds: Primarily for uranium exploration/development in the Athabasca Basin; FT proceeds to cover eligible Canadian exploration expenses qualifying as flow‑through critical mineral mining expenditures.
• Finder’s Fees & Warrants: Paid $27,494 in finder’s fees; issued 120,000 finder’s warrants (exercisable for one unit at $0.12 until Oct 22 2027) and 84,540 finder’s warrants (exercisable for one common share at $0.16 until Oct 22 2027).
• Statutory Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period expiring Feb 23 2026 per NI 45‑102.
• Regulatory Disclaimer: Securities not registered in the United States; offering limited to non‑U.S. persons under applicable exemptions.

Notable Quotes

• “The successful closing of this third tranche provides us with essential capital to advance our high‑grade uranium exploration program in one of the world’s most prospective basins,” – Jean‑François Meilleur, CEO.