Xcite Resources announces concurrent non-brokered private placements alongside existing brokered offerings, with combined maximum gross proceeds of up to $7,400,000 if all offerings are fully subscribed.
Vancouver, British Columbia, October 1, 2025 – Xcite Resources Inc. (CSE: XRI) is pleased to announce that, in addition to its previously announced brokered offerings, it will conduct concurrent non-brokered private placements to raise additional gross proceeds.
Brokered Offerings (Previously Announced)
As announced on September 17, 2025, the brokered offerings consist of:
- A Listed Issuer Financing Exemption (LIFE) Offering of up to 9,166,667 units at $0.12 per unit, to raise gross proceeds of up to $1,100,000
- An offering of up to 18,125,000 flow-through common shares at $0.16 per share, to raise gross proceeds of up to $2,900,000
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 from issuance.
Non-Brokered Offerings
The non-brokered offerings consist of:
- Hard-Dollar Unit Offering: Up to 22,500,000 units at $0.12 per unit
- Flow-Through Share Offering: Up to 4,375,000 shares at $0.16 per share
Each non-brokered unit comprises one common share and one-half warrant exercisable at $0.20 per share for 48 months. If maximum amounts are raised across all offerings, total gross proceeds will reach $7,400,000.
Amending Agreements with Eagle Plains
The Company entered into six amending agreements with Eagle Plains Resources Ltd. dated September 30, 2025, postponing $1,200,000 in aggregate work commitments under existing agreements, with $256,482 postponed to October 31, 2025, and $943,518 postponed to December 31, 2025.
The Company also issued a $100,000 promissory note to Jean-Francois Meilleur, CEO and director, evidencing a loan for working capital purposes. The note bears no interest and is due by November 30, 2026.
Closing was scheduled for approximately October 8, 2025, concurrent with the brokered offerings.