Toronto, Ontario--(Newsfile Corp. - October 6, 2020) - Appia Energy Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (the "Company" or "Appia") is pleased to announce the offering of a non-brokered private placement of up to 10,000,000 flow-through units (the "FT Units") at $0.40 or up to 10,000,000 working capital units (the "WC Units") at $0.35 or a combination thereof to a maximum of 10,000,000 units (the "Offering").
Each FT Unit is priced at $0.40 and consists of one (1) common share and one-half (0.5) of a share purchase warrant. Each full warrant ("Warrant") entitles the holder to purchase one (1) common share (a "Warrant Share") at a price of $0.50 per Warrant Share until eighteen (18) months from closing.
Each WC Unit is priced at $0.35 and consists of one (1) common share and one-half (0.5) of a share purchase warrant. Each full warrant ("Warrant") entitles the holder to purchase one (1) common share (a "Warrant Share") at a price of $0.50 per Warrant Share until eighteen (18) months from closing.
Eligible Finders may receive up to 6% of the value of proceeds on the sale of the WC Units and FT Units in cash and up to 6% of the number of FT Units or WC Units sold in the form of broker warrants. Each broker warrant issued in relation to the sale of FT Units ("Broker Warrants") entitles the holder to acquire one (1) common share of the Corporation at a price of $0.40 for eighteen (18) months from the closing of the Offering and each broker warrant issue in relation to the sale of WC Units ("WC Broker Warrants") entitles the holder to acquire one (1) common share of the Corporation at a price of $0.35 for eighteen (18) months from the closing of the Offering.
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.
About Appia
Appia is a Canadian public-listed company in the uranium and rare earth element sectors. The Company is currently focusing on delineating high-grade critical rare earth elements ("REE") 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% interest (subject to a 1% Uranium Production Payment Royalty and a 1% Net Smelter Return Royalty on any precious or base metals payable, provided that the price of uranium is greater than US$130 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, Ontario. The Camp historically produced over 300 million pounds of U3O8 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 lbs. U3O8 being discovered in five deposits in the Athabasca Basin.
Appia has 79.7 million common shares outstanding, 97.8 million shares fully diluted.
For more information, visit the Appia's website at www.appiaenergy.ca.
Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tom Drivas, President, CEO and Director: (tel) 416-546-2707, (fax) 416-218-9772 or (email) appia@appiaenergy.ca
Frank van de Water, Chief Financial Officer and Director, (tel) 416-546-2707, (fax) 416-218-9772 or (email) fvandewater@rogers.com
James Sykes, VP Exploration & Development, (tel) 306-221-8717, (fax) 416-218-9772 or (email) jsykes@uraniumgeologist.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65327
