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  • Appia Rare Earths and Uranium (API) has announced a C$6 million bought-deal private placement
  • The company will use the proceeds to incur Canadian exploration expenses and flow-through mining expenditures as defined in the Income Tax Act (Canada)
  • The offering is scheduled to close on or around November 17, 2021
  • Appia is an exploration and development company in the uranium and rare earth elements sectors with interests in Ontario and Saskatchewan
  • Appia Rare Earths and Uranium (API) is unchanged trading at $0.83 per share

Appia Rare Earths and Uranium (API) has announced a C$6 million bought-deal private placement.

The placement is comprised of:

  • Flow-through units priced at $0.90 per unit
  • Flow-through units priced at $1.00 per unit to be sold to charitable purchasers, subject to a minimum purchase for resale of 5,000,000 units for minimum gross proceeds of $5 million

Each flow-through unit and charity flow-through unit consists of one common share – issued as a flow-through share within the meaning of the Income Tax Act (Canada) – and one-half of one common share purchase warrant.

Each warrant entitles the holder to purchase one warrant share priced at $1.10 for up to 24 months after the closing date.

Appia will use the proceeds to incur Canadian exploration expenses and flow-through mining expenditures as defined in the Income Tax Act (Canada). Such proceeds will be renounced to subscribers with an effective date not later than December 31, 2021.

Red Cloud Securities is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters.

The underwriters may purchase any combination of flow-through units and charity flow-through units for additional gross proceeds of up to $1 million.

The offering is scheduled to close on or around November 17, 2021.

Appia is an exploration and development company in the uranium and rare earth elements sectors with interests in Ontario and Saskatchewan.

Appia Rare Earths and Uranium (API) is unchanged trading at $0.83 per share as of 2:15 pm ET.

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