Appia to close $760,000 first tranche of financing
2020-09-11 10:10 ET – News Release
Mr. Tom Drivas reports
APPIA ANNOUNCES FIRST CLOSING OF NON-BROKERED OFFERING
Appia Energy Corp. will be closing the first tranche of its non-brokered private placement, announced on Sept. 3, 2020, on Sept. 14, 2020, with the issuance of 2.64 million flow-through units for gross proceeds of $660,000 and 500,000 working capital units for proceeds of $100,000, for total gross proceeds of $760,000.
Each flow-through unit is priced at 25 cents and consists of one common share and one-half of a share purchase warrant. Each full warrant entitles the holder to purchase one common share at a price of 35 cents per warrant share until March 14, 2022.
Each working capital unit is priced at 20 cents and consists of one common share and one-half of a share purchase warrant. Each full warrant entitles the holder to purchase one common share at a price of 30 cents per warrant share until March 14, 2022.
Proceeds from the offering are expected to be used for exploration of the company’s uranium and rare earth element properties in Saskatchewan.
All securities to be issued under the offering will be subject to a statutory four-month hold period expiring on Jan. 15, 2021.
About Appia Energy Corp.
Appia is a Canadian publicly listed company in the uranium and rare earth element sectors. The company is currently focusing on delineating high-grade critical rare earth elements and uranium on the Alces Lake property as well as prospecting for high-grade uranium in the prolific Athabasca basin on its Loranger, North Wollaston and Eastside properties. The company holds the surface rights to exploration for 65,601 hectares (162,104 acres) in Saskatchewan.
The company also has a 100-per-cent interest (subject to a 1-per-cent uranium production payment royalty and a 1-per-cent net smelter return royalty on any precious metals or base metals payable, provided that the price of uranium is greater than $130 (U.S.) per pound) in 12,545 hectares (31,000 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake camp in Ontario. The camp historically produced over 300 million pounds of triuranium octoxide and is the only Canadian camp that has had significant rare earth element (yttrium) production. The deposits are largely unconstrained along strike and down dip.
Appia’s technical team is directed by James Sykes, who has had direct and indirect involvement with over 550 million pounds triuranium octoxide being discovered in five deposits in the Athabasca basin.
Appia has 73.9 million common shares outstanding (89.9 million shares fully diluted).
We seek Safe Harbor.
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