Xcite Resources closed its previously announced acquisition of a 100% interest in the Turgeon Lake Property from Bullion Gold Resources Corp.
Vancouver, British Columbia, April 20, 2023 – XCITE RESOURCES INC. (“Xcite” or the “Company”) (CSE: XRI) is pleased to announce that it has closed its previously announced acquisition of the Turgeon Lake Property (see the Company’s press release dated April 13, 2023). Pursuant to a purchase and sale agreement (the “Agreement”) dated as of April 12, 2023 with Bullion Gold Resources Corp. (“Bullion”), Xcite has acquired a 100% interest in the Turgeon Lake Property (the “Property”), which is comprised of 39 mining cells covering approximately 2,067 hectares in the Province of Quebec. Under the Agreement, Xcite acquired the Property from Bullion by making a cash payment of $20,000 and by issuing 600,000 common shares of Xcite (each a “Share”, at a deemed price of $0.08625 per Share), representing an aggregate purchase price of $71,750. The Shares were issued in accordance with Canadian securities laws and are subject to a hold period that will expire on August 20, 2023. In addition, under the Agreement Xcite granted Bullion a 2% net smelter returns royalty on the Property (the “NSR”), with Xcite having the right to purchase one-half of the NSR (1%) from Bullion for $1,000,000.
The transaction is an arms-length transaction for the Company and does not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the CSE.
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.