Xcite Resources closes the third tranche of its non-brokered private placement, raising gross proceeds of $3,269,480 through unit and flow-through share issuances.
Vancouver, British Columbia, October 23, 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 the closing of the third tranche of its previously announced non-brokered private placements (the “Offering”).
Under the third tranche, the Company raised gross proceeds of $3,269,480, comprising:
- $3,122,000 through the issuance of 26,016,667 units at a price of $0.12 per unit
- $147,480 through the issuance of 921,750 flow-through common shares at a price of $0.16 per share
Each unit consists 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 December 22, 2025 and until October 22, 2029.
As previously announced, the Company previously closed on gross proceeds of $1,657,200 under the unit offering and gross proceeds of $163,000 under the flow-through offering.
Use of Proceeds
The net proceeds from the Offering 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).
Under the third tranche, the Company paid finder’s fees of $27,494, issued 120,000 finder’s warrants exercisable for one unit at a price of $0.12 per unit until October 22, 2027, and 84,540 finder’s warrants exercisable for one common share at a price of $0.16 per share until October 22, 2027.
All securities issued under the Offering are subject to a statutory hold period of four months and one day from the date of issuance, expiring February 23, 2026, in accordance with National Instrument 45-102 – Resale of Securities.