Xcite increases private placement to $5-million

Executive Summary

• Xcite Resources Inc. has increased the gross proceeds of its previously disclosed non-brokered private placement from up to $2.7 million to up to $5 million.
• The increase is achieved through the issuance of up to 41,666,667 additional units, each consisting of one common share and one-half of one common share purchase warrant.
• The company has already closed on $1,657,200 from the unit offering and $163,000 from the concurrent flow-through share offering, with an additional tranche expected to close around October 22, 2025.

Key Details

• Unit Offering Increase: Gross proceeds increased from up to $2.7 million to up to $5 million.
• Additional Units Issued: Up to 41,666,667 units issued to facilitate the increase.
• Unit Structure: 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 20 cents per share.
• Warrant Expiry: Warrants are exercisable anytime after 60 days from issuance until 48 months following the date of issuance.
• Flow-Through Shares: Concurrent offering of up to 4,375,000 flow-through common shares remains unchanged at a price of 16 cents per share, with gross proceeds of up to $700,000.
• Closed Proceeds (Units): $1,657,200 closed under the unit offering (as of Oct 8/10, 2025 releases).
• Closed Proceeds (Flow-Through): $163,000 closed under the flow-through offering.
• Next Tranche: Expected to close on or about October 22, 2025.
• Use of Proceeds: Net proceeds to be used for exploration and development activities on uranium projects in the Athabasca basin and for general corporate purposes.
• Flow-Through Specific Use: Proceeds from FT shares to incur eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures under the Income Tax Act (Canada).

Notable Quotes

• None provided in the text.