Xcite closes $1.03-million second tranche of financing

Executive Summary

• Xcite Resources closed the second tranche of its non‑brokered private placement, raising $1,030,200 in gross proceeds.
• The offering consisted of 7,493,334 units at $0.12 per unit and 818,750 flow‑through common shares at $0.16 per share, with associated finders’ fees and warrants issued.
• Net proceeds are earmarked for exploration and development of uranium projects in the Athabasca Basin and general corporate purposes; FT share proceeds will fund eligible Canadian exploration expenses.

Key Details

• Gross Proceeds: $1,030,200 total
• $899,200 from 7,493,334 units @ $0.12 per unit
• $131,000 from 818,750 flow‑through common shares @ $0.16 per share
• Unit Composition: 1 common share + ½ common share purchase warrant (exercise price $0.20 per share) exercisable after Dec 7 2025 until Oct 8 2029.
• Finders’ Compensation: $73,136 paid in cash; issuance of 532,800 finders’ warrants (exercisable for one unit @ $0.12) and 57,500 finders’ warrants (exercisable for one common share @ $0.16), both exercisable until Oct 8 2027.
• Statutory Hold Period: All securities subject to a four‑month‑plus hold period ending June 10 2026 (NI 45‑102).
• Use of Proceeds:
• Exploration and development of uranium projects in the Athabasca Basin.
• General corporate purposes.
• FT share proceeds specifically for eligible Canadian flow‑through critical mineral mining expenditures under the Income Tax Act.
• Future Funding Plans: Company expects to close a third tranche on or about Oct 20 2025.

Notable Quotes

(No executive quotes were provided in the release.)