Xcite Resources announces $4 million financing and uranium work delays

Xcite Resources Inc. (CSE: XRI) announced a private placement financing to raise up to $4 million through two concurrent offerings, according to a company press release.

The financing consists of a Listed Issuer Financing Exemption offering of up to 9.17 million units at $0.12 per unit to raise up to $1.1 million, and a flow-through share offering of up to 18.13 million shares at $0.16 per share to raise up to $2.9 million.

Each unit includes one common share and one-half warrant, with each full warrant allowing the purchase of one common share at $0.20 for 48 months. Canaccord Genuity Corp. serves as lead agent and will receive 8% commission on gross proceeds, plus broker warrants and a $120,000 corporate finance fee.

The company will use proceeds from the unit offering for general corporate purposes. Flow-through share proceeds will fund Canadian exploration expenses at the Uranium City project portfolio in Saskatchewan, with the company renouncing these expenses to purchasers by December 31, 2025.

Separately, Xcite entered into six amending agreements with Eagle Plains Resources Ltd. (TSX-V: EPL) on September 15, 2025, postponing $1.2 million in aggregate work commitments for the Athabasca uranium property portfolio until December 31, 2025. The portfolio includes the Gulch, Lorado, Smitty, Don Lake, Beaver River and Black Bay properties.

The company also disclosed promissory notes totaling $245,520 with two insiders effective August 31, 2025. The non-interest bearing notes represent unpaid management fees and are due November 30, 2026.

Closing of the financing requires approval from shareholders holding more than 50% of the company's common shares, which Xcite intends to obtain through written resolution.

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