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

Executive Summary

• Xcite Resources Inc. closed the second tranche of its previously announced non‑brokered private placement, raising gross proceeds of $1,030,200.
• 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 warrants and finder's fees/warrants disclosed.
• 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

• Units Issued: 7,493,334 units @ $0.12 each → $899,200 gross
• Each unit = 1 common share + ½ warrant (full warrant allows purchase of 1 common share at $0.20).
• Flow‑through Shares Issued: 818,750 FT shares @ $0.16 each → $131,000 gross
• Proceeds to be used for eligible “Canadian exploration expenses” under the Income Tax Act.
• Finder’s Fees & Warrants:
• Finder’s fees paid: $73,136.
• Finder’s warrants issued: 532,800 warrants exercisable for one unit at $0.12 (expires Oct 8 2027).
• Additional finder’s warrants: 57,500 warrants exercisable for one common share at $0.16 (expires Oct 8 2027).
• Statutory Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period expiring Feb 9 2026 per NI 45‑102.
• Use of Proceeds:
• Exploration and development of uranium projects (Don Lake, Beaver River, Smitty, Lorado, Gulch, Black Bay).
• General corporate purposes.
• FT share proceeds specifically for flow‑through critical mineral mining expenditures.
• Future Funding: Company expects to close a third tranche on or about Oct 20 2025.

Notable Quotes

“The net proceeds from the Offering will be used for exploration and development activities on the Company's uranium projects located in the Athabasca Basin and for general corporate purposes.” – Jean‑François Meilleur, CEO