Xcite Resources increases its non-brokered private placement from gross proceeds of up to $2,700,000 to up to $5,000,000 through the issuance of up to 41,666,667 units at $0.12 per unit.
Vancouver, British Columbia, October 16, 2025 – Xcite Resources Inc. (CSE: XRI) (“XRI”, “Xcite” or the “Company”), a Canadian uranium exploration company focused on advancing its portfolio of assets in the Athabasca Basin, is pleased to announce that it has increased its previously disclosed non-brokered private placement (the “Unit Offering”) of units at a price of $0.12 per unit, from gross proceeds of up to $2,700,000 to gross proceeds of up to $5,000,000 through the issuance of up to 41,666,667 units.
Each unit will consist of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder to acquire one common share at a price of $0.20 per common share at any time after 60 days from the date of issuance until the date which is 48 months following the date of issuance.
The Company’s concurrent flow-through share offering of up to 4,375,000 flow-through common shares at a price of $0.16 per share for gross proceeds of up to $700,000 remains unchanged.
Status of Offerings
As previously announced, the Company has already closed on:
- $1,657,200 gross proceeds under the unit offering
- $163,000 gross proceeds under the flow-through offering
The Company expects to close an additional tranche under the offerings on or about October 22, 2025.
Use of Proceeds
The net proceeds from the offerings will be used for exploration and development activities on the Company’s uranium projects located in the Athabasca Basin and for general corporate purposes. The proceeds from the issuance of the flow-through shares will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” as defined in the Income Tax Act (Canada).