TORONTO, ONTARIO--(Marketwired - Jan. 27, 2017) - Appia Energy Corp. (the "Company" or "Appia") (CSE:API)(CSE:API.CN) is pleased to announce that further to its News Release of January 23, 2017, the Offering was over-subscribed and the Company will close the final tranche of its non-brokered private placement (the "Offering") on January 30, 2017 with the sale of an additional 405,000 working capital units ("WC Units") at $0.20 per WC Unit for proceeds of $81,000. The Company intends to use the proceeds from the $1,000,000 raised from the first closing of the Offering plus the additional funds raised (an aggregate of $1,081,000) to drill the Loranger Property and for exploration of the Otherside Property to bring it to the drilling stage and for working capital.
Each WC Unit is priced at $0.20 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 $0.30 per WC Warrant Share exercisable until the earlier of: (i) January 30, 2022; and (ii) in the event that the closing price of the Common Shares on the Canadian Securities Exchange is at least $0.60 for twenty (20) consecutive trading days, and the 20th trading day (the "Final Trading Day") is at least four (4) months from the Closing Date, the date which is thirty (30) days from the Final Trading Day (the "Trigger Date").
The Company will pay a cash finder's fee of $5,000 to an eligible finder.
All securities issued pursuant to the above referenced Offering will be subject to a hold period expiring on May 31, 2017.
Appia is a Canadian publicly-traded company in the uranium and rare earth sectors. The Company is currently focused on discovering high-grade uranium deposits in the prolific Athabasca Basin on its recently acquired properties, Loranger and Otherside, as well as high-grade REO and uranium surface showings on its Alces Lake joint venture. The company currently holds the surface rights to exploration for about 63,654 hectares (157,070 acres) in Saskatchewan. The company also has NI 43-101 compliant resources of 8.0 M lbs. U3O8 and 47.7 M lbs. TREE Indicated, and 47.7 M lbs. U3O8 and 133.2 M lbs. TREE Inferred in the Elliot Lake, ON, historic mining camp. The resources 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 350 M lbs. U3O8 being discovered in five deposits in the Athabasca Basin.
Appia currently has 50.1 million common shares outstanding, 59.2 million shares fully diluted.
The technical content concerning the Property in this news release was reviewed and approved by Thomas Skimming, P.Eng., a Director of Appia and a Qualified Person as defined by National Instrument 43-101.
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.