Toronto, Ontario--(Newsfile Corp. - January 15, 2019) - 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 the final tranche of a non-brokered private placement of up to 4,000,000 working capital units ("WC Units") with the sale of 1,884,121 WC Units for gross proceeds of $452,189 on January 16, 2019. Appia placed a total of 3,309,121 WC Units for aggregate gross proceeds of $794,189. The Company raised an aggregate of $1,396,301.50 pursuant to the offering originally announced on December 31, 2018 (the "Offering").
Proceeds from the Offering are expected to be used for drilling and exploration on the Company's Loranger Property in the second half of February 2019 when the ice road provides access, and at Alces Lake in June, along with the other properties in Saskatchewan.
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 the closing of the Offering.
All securities to be issued under the final closing of the Offering are subject to a statutory four month hold period expiring on May 17, 2019.
An insider of the Company subscribed for 25,000 WC Units of this Offering. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to the insider did not exceed 25% of its market capitalization.
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 Rare Earth 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 63.9 million common shares outstanding, 86.4 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)
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