Toronto, Ontario--(Newsfile Corp. - December 27, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce the closing of its previously announced non-brokered private placement for gross proceeds of $1,462,100 (the "Offering"). In connection with the Offering, the Company issued 4,873,667 flow-through shares (the "FT Shares") at $0.30 per FT Share. The FT Shares issued under the Offering have a hold period expiring on April 28, 2024.
The gross proceeds from the sale of FT Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada) (the "Tax Act")) which qualify as a "flow-through critical mineral mining expenditure" for purposes of the Tax Act related to the exploration program of the Company to be conducted on the Company's properties located in Saskatchewan. The Company will renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2023. The Canadian Exploration Expenses to be renounced by the Company will qualify for the critical mineral exploration tax credit under the Tax Act.
Cash finder's fees of $87,726 were paid to eligible finders pursuant to this Offering.
The securities described herein were not registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Appia Rare Earths & Uranium Corp. (Appia)
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143acres), with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. Lastly, the Company holds the right to acquire up to a 70% interest in the PCH Project which is 17,551.07 ha. in size and located within the Goiás State of Brazil. (See June 9th, 2023 Press Release - Click HERE)
Appia has 136.3 million common shares outstanding, 144.2 million shares fully diluted.
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 a guarantee 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 more information, visit www.appiareu.com.
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Contact:
Tom Drivas, CEO and Director
(c) (416) 876-3957
(f) (416) 218-9772
(e) tdrivas@appiareu.com
Stephen Burega, President
(c) (647) 515-3734
(e) sburega@appiareu.com
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