Xcite Uranium to issue 900,000 shares to Eagle Plains

Executive Summary

• Xcite Uranium Inc. will issue 900,000 common shares to Eagle Plains Resources Ltd. pursuant to six option agreements covering six Athabasca Basin uranium projects.
• The issuance gives Xcite the right to earn up to an 80 % interest in the Gulch, Lorado, Smitty, Don Lake, Beaver River and Black Bay properties (totaling 5,905 ha).
• Shares will be subject to a four‑month hold period under Canadian securities law.

Key Details

• Share Quantity: 900,000 common shares to be issued to Eagle Plains Resources Ltd.
• Transaction Structure: Six separate option agreements; each agreement relates to one of the six uranium projects.
• Potential Ownership: Xcite may acquire up to an 80 % working interest in each project upon exercise of the options.
• Project Portfolio: Gulch, Lorado, Smitty, Don Lake, Beaver River and Black Bay properties (combined area = 5,905 ha) located near Uranium City, Northern Saskatchewan.
• Hold Period: Issued shares will be locked for four months in compliance with applicable Canadian securities regulations.

Notable Quotes

(No direct quotes were provided in the release.)