Appia Announces First Closing of Non-Brokered Offering
Toronto, Ontario--(Newsfile Corp. - December 31, 2018) - Appia Energy Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (the "Company" or "Appia) is pleased to announce it will be closing a non-brokered private placement of 2,189,500 flow-through units (the "FT Units") for gross proceeds of $602,112.50 and closing the first tranche of a non-brokered private placement of up to 4,000,000 working capital units ("WC Units") (collectively the "Offering") with the sale of 1,425,000 WC Units for gross proceeds of $342,000 on December 31, 2018.
Proceeds from the Offering are expected to be used for drilling and exploration on the Company's Loranger and Alces Lake Properties as well as other properties in Saskatchewan.
Each FT Unit is priced at $0.275 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 "FT Warrant Share") at a price of $0.40 per FT Warrant Share until twelve (12) months from closing.
Each WC Unit is priced at $0.24 and consists of one (1) common share and one (1) common share purchase warrant (a "WC Warrant"). Each WC Warrant entitles the holder to purchase one (1) common share (a "WC Warrant Share") at a price of $0.35 per WC Warrant Share until twenty-four (24) months from closing.
Eligible finders were paid cash fees totalling $60,169 and issued 175,160 FT broker warrants. Each FT broker warrant entitles the holder to acquire one common share at a price of $0.275 for twelve (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 May 1, 2019. The Offering will remain open until the earlier of the sale of the remaining WC Units and January 15, 2019.
Appia is a Canadian publicly-traded 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 63,980 hectares (158,098 acres) in Saskatchewan.
The Company also has a 100% interest in 12,545 hectares (31,000 acres), including REE and Uranium Deposits over five mineralized zones in the Elliot Lake Camp, Ontario, which historically produced over 300 million pounds of U3O8 and is the only Canadian camp that has had significant Rare Earth Element (yttrium) production.
Appia's technical team is directed by James Sykes, who has had direct and indirect involvement with over 450 million lbs. U3O8 being discovered in five deposits in the Athabasca Basin.
After closing Appia will have 62 million common shares outstanding, 82.6 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 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) firstname.lastname@example.org
James Sykes, VP Exploration & Development, (tel) 306-221-8717, (fax) 416-218-9772 or (email) email@example.com
Frank van de Water, Chief Financial Officer and Director, (tel) 416-546-2707, (fax) 416-218-9772 or (email) firstname.lastname@example.org