Xcite closes $3.26-million third tranche of financing

Executive Summary

• Xcite Resources Inc. has closed the third tranche of its previously announced non-brokered private placement, raising significant additional capital for exploration and corporate purposes.
• The tranche consisted of two components: a standard unit offering and a flow-through share offering, with specific pricing and warrant structures attached to each.
• Net proceeds are designated for exploration and development of the company's uranium projects in the Athabasca basin, with flow-through proceeds specifically allocated to eligible Canadian exploration expenses.

Key Details

• Total Gross Proceeds: $3,269,480 raised in the third tranche.
• Unit Offering Details:
  • Gross proceeds: $3,122,000.
  • Units issued: 26,016,667.
  • Price per unit: $0.12.
  • Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
  • Warrant Terms: Each warrant entitles the holder to acquire one common share at an exercise price of $0.20.
  • Warrant Expiry: Exercisable from December 22, 2025, until October 22, 2029.
• Flow-Through Share Offering Details:
  • Gross proceeds: $147,480.
  • Shares issued: 921,750 flow-through common shares.
  • Price per share: $0.16.
  • Use of Proceeds: To incur eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures under the Income Tax Act (Canada).
• Previous Tranches (Context):
  • Unit offering previously closed with gross proceeds of $1,657,200.
  • Flow-through offering previously closed with gross proceeds of $163,000.
• Finder’s Fees and Compensation:
  • Cash fees paid: $27,494.
  • Finder Warrants Issued:
    • 120,000 warrants exercisable for one unit at $0.12 per unit.
    • 84,540 warrants exercisable for one common share at $0.16 per share.
    • Expiry for both finder warrant types: October 22, 2027.
• Regulatory Holds:
  • All securities are subject to a statutory hold period of four months and one day.
  • Hold period expiration date: February 23, 2026.
  • Compliance: National Instrument 45-102, Resale of Securities.
• Use of Net Proceeds:
  • Exploration and development activities on uranium projects in the Athabasca basin.
  • General corporate purposes.