Xcite Resources closed a non-brokered private placement financing, raising gross proceeds of $85,000 through the issuance of 850,000 units at $0.10 per unit.
Vancouver, British Columbia, December 5, 2022 – Xcite Resources Inc. (the “Company”) is pleased to announce that it has closed a private placement financing (the “Financing”) under which it has raised gross proceeds of $85,000 by issuing 850,000 units of the Company at a price of $0.10 per unit. Each unit is comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant is exercisable for one common share at an exercise price of $0.30 for 12 months. The securities issued under the financing are subject to a four month hold period that expires April 6, 2023, in accordance with applicable Canadian securities laws. The Company intends to use the proceeds from the financing for general working capital.
Certain directors and insiders of the Company participated in the financing, which participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). This participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of such participation does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
On Behalf of the Board of Directors
Chris Cooper
Chief Executive Officer
604.307.8290
Forward-Looking Information: Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement, and the reader is cautioned not to place undue reliance on any forward-looking information.