Appia to close first tranche of financing Dec. 16
2019-12-12 16:27 ET – News Release
Mr. Tom Drivas reports
APPIA ANNOUNCES $820,525 FIRST CLOSING OF NON-BROKERED OFFERING
Appia Energy Corp. will be closing the first tranche of its non-brokered private placement on Dec. 16, 2019, with the issuance of 5,087,500 flow-through units for gross proceeds of $814,000 and 43,500 working capital units for proceeds of $6,525 (total gross proceeds of $820,525).
Proceeds from the offering are expected to be used for drilling and exploration on the company’s Alces Lake and Loranger properties, as well as other properties in Saskatchewan.
Each FT unit is priced at 16 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 25 cents per warrant share until 12 months from closing.
Each WC unit is priced at 15 cents and consists of one common share and one common share purchase warrant. Each WC warrant entitles the holder to purchase one common share at a price of 25 cents per WC warrant share until 12 months from closing.
Eligible finders will be paid cash fees totalling $8,050, issued 322,467 common shares and issued 251,876 FT brokers’ warrants. Each FT broker’s warrant entitles the holder to acquire one common share at a price of 16 cents for 12 months from closing.
All securities to be issued under the first closing of the offering are subject to a statutory four-month hold period, expiring on April 17, 2020. The offering will remain open until the earlier of the sale of the remaining units and Jan. 15, 2020.
An insider of the company subscribed for 50,000 FT units. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101, as the fair market value of the consideration for the securities of the company issued to the insider did not exceed 25 per cent of the company’s market capitalization.
About Appia Energy Corp.
Appia Energy is a Canadian publicly traded company in the rare earth element and uranium sectors. The company holds the surface rights to exploration for 57,048 hectares (140,968 acres) in Saskatchewan.
We seek Safe Harbor.
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