Xcite Resources entered into a further amending agreement with Bullion Gold Resources Corp. extending the deadline for cash and share consideration under the Turgeon Lake Property purchase and sale agreement.
Vancouver, British Columbia, February 1, 2023 – Xcite Resources Inc. (the “Company”) is pleased to announce that it has entered into an amending agreement (the “Amending Agreement”) with Bullion Gold Resources Corp. (“Bullion”) dated as of January 31, 2023, which amends the purchase and sale agreement respecting the Turgeon Lake Property (the “Property Agreement”) with Bullion dated as of April 12, 2021, as amended. The Amending Agreement amends the Property Agreement by extending the deadline by which the Company must make a cash payment of $35,000 and must issue 750,000 common shares of the Company to Bullion, which now must occur on the earlier of (i) the date on which the Company’s shares are listed on the Canadian Securities Exchange and (ii) February 28, 2023.
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.