Xcite Resources announces a brokered private placement to raise up to $4,000,000 through a LIFE offering and flow-through share offering, with Canaccord Genuity as lead agent, alongside amending agreements with Eagle Plains Resources.
Vancouver, British Columbia, September 17, 2025 – Xcite Resources Inc. (CSE: XRI) (“XRI”, “Xcite” or the “Company”) is pleased to announce that it will be conducting a commercially reasonable efforts private placement (the “Financing”) to raise gross proceeds of up to $4,000,000.
The Financing
The Financing consists of:
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LIFE Offering: Up to 9,166,667 units at $0.12 per unit, to raise gross proceeds of up to $1,100,000. Each unit consists of one common share and one-half of one common share purchase warrant exercisable at $0.20 per share for 48 months. Securities issued under the LIFE Offering will not be subject to a statutory hold period.
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Flow-Through Offering: Up to 18,125,000 flow-through common shares at $0.16 per share, to raise gross proceeds of up to $2,900,000. Proceeds will be used to incur eligible Canadian exploration expenses related to the Company’s Uranium City project portfolio in Saskatchewan, with renunciation effective no later than December 31, 2025. Subject to a statutory hold period of four months and one day.
Agent Compensation
The Company appointed Canaccord Genuity Corp. as lead agent and sole bookrunner. In consideration of services rendered, the Company will pay:
- Commission: 8% of aggregate gross proceeds raised under each offering, payable in cash or common shares at $0.12 per share
- Broker Warrants: Equal to 8% of the number of securities sold under the applicable offering, exercisable at the offering price for 24 months
- Corporate Finance Fee: $120,000, payable in cash or common shares at $0.12 per share
Amending Agreements with Eagle Plains
The Company entered into six amending agreements with Eagle Plains Resources Ltd. (TSX-V: EPL) dated September 15, 2025, relating to XRI’s Athabasca uranium property portfolio. The amending agreements postpone the work commitments ($1,200,000 in aggregate) under the agreements to December 31, 2025, covering the Gulch, Lorado, Smitty, Don Lake, Beaver River and Black Bay properties.
Additionally, effective August 31, 2025, the Company entered into promissory notes having an aggregate value of $245,520 with two insiders of the Company. The promissory notes do not bear interest, are due and payable no later than November 30, 2026, and represent management fees accrued but not paid for services rendered.
The offering document related to the LIFE Offering is available under the Company’s profile at sedarplus.ca and on the Company’s website.