Xcite Resources Announces Closing of Brokered LIFE and Flow-Through Offerings and Provides Update on Concurrent Non-Brokered Financing

Executive Summary

• Xcite Resources closed the brokered components of its LIFE Offering (9,166,667 units at $0.12) raising $1.10 M and a concurrent Flow‑Through Offering (3,105,000 shares at $0.16) raising $496,800.
• The company also closed an initial tranche of non‑brokered private placements, generating $757,999.92 in gross proceeds. A second tranche is expected to close on or about October 8, 2025.
• Net proceeds will fund uranium exploration and development in the Athabasca Basin and cover eligible Canadian flow‑through mining expenditures.

Key Details

• LIFE Offering: 9,166,667 units @ $0.12/unit → $1,100,000 gross proceeds. Each unit = 1 common share + ½ warrant (exercise price $0.20, exercisable Dec 7 2025 – Oct 8 2029).
• Flow‑Through Offering: 3,105,000 flow‑through common shares @ $0.16/share → $496,800 gross proceeds.
• Brokerage Fees & Warrants: 8% cash commission of gross proceeds; broker warrants equal to 8% of units/FT shares sold (733,733 LIFE broker warrants @ $0.12, 248,400 FT broker warrants @ $0.16). Issued 1,000,000 common shares at $0.12 as corporate finance fee payment ($120,000).
• Non‑Brokered Private Placements – Initial Tranche:
• Hard‑Dollar Unit Offering: up to 22,500,000 units @ $0.12; closed tranche issued 6,049,999 units → $725,999.92 gross proceeds.
• Flow‑Through Share Offering: up to 4,375,000 FT shares @ $0.16; closed tranche issued 200,000 FT shares → $32,000 gross proceeds.
• Total Gross Proceeds (Brokered + Initial Non‑Brokered): $2,354,799.92.
• Finder’s Fees & Warrants: Up to 8% of non‑brokered proceeds may be paid; none were paid/issued for the initial tranche.
• Use of Proceeds: Exploration and development of uranium projects in Athabasca Basin; general corporate purposes; flow‑through proceeds allocated to eligible Canadian exploration expenses qualifying as “flow‑through critical mineral mining expenditures.”
• Securities Law Matters: LIFE units free trading; all other securities subject to a four‑month‑plus hold period expiring 9 Feb 2026 (NI 45‑102).

Notable Quotes

• Jean‑François Meilleur, CEO: “The successful closing of these offerings provides us with the capital needed to advance our uranium projects and capitalize on the growing demand for critical minerals in the energy transition.”