Xcite Resources Declares Combined Broker-Arranged Life Offering and Flow-Through Share Private Placement, Simultaneously Amending Athabasca Uranium Portfolio Agreements
Xcite Resources Inc. Announces Private Placement to Raise Up to $4,000,000
Xcite Resources Inc., an early-stage exploration company focused on energy transition metals, has announced a Private Placement to raise gross proceeds of up to $4,000,000. The Private Placement consists of a Listed Issuer Financing Exemption Offering and an offering of flow-through common shares.
The Listed Issuer Financing Exemption Offering aims to raise up to $1,100,000 by selling up to 9,166,667 units at a price of $0.12 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.20 for a period of 48 months from the date of issuance.
Simultaneously, the flow-through common shares offering aims to raise up to $2,900,000 by selling up to 18,125,000 shares at a price of $0.16 per share. The gross proceeds from the sale of the flow-through common shares will be used for eligible Canadian exploration expenses related to the Uranium City project portfolio.
Xcite Resources' project portfolio is located in the Athabasca basin, a past-producing uranium camp that has been dormant for 40 years. The Uranium City project portfolio includes the Don Lake, Beaver River, Smitty, Lorado, Gulch, and Black Bay properties. The company aims to achieve a high-grade discovery based on new geological modelling and exploration thesis.
Canaccord Genuity Corp. has been appointed as the lead agent and sole bookrunner for the Private Placement. The lead agent representing Xcite Resources in the financing program is National Bank Financial. Both parties will receive remuneration for their services. Canaccord Genuity will receive a commission of 8% of the gross proceeds, payable in cash or common shares, and broker warrants.
It is important to note that the press release includes a cautionary note regarding forward-looking statements. The forward-looking statements are subject to various risks, uncertainties, and assumptions. Insiders of the Company may participate in the Private Placement.
Jean-Francois Meilleur, the CEO of Xcite Resources Inc., can be reached at [email protected] and 1 514 951 2730 for further information. Additionally, the Company has entered into six amending agreements with Eagle Plains Resources Ltd., postponing work commitments under the agreements to December 31, 2025.
The Company's stock is traded on the Canadian Securities Exchange under the symbol XRI. Xcite Resources is committed to contributing to the energy transition by focusing on the exploration and development of energy transition metals.
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