TORONTO, ONTARIO--(Marketwired - Jan. 3, 2017) - Appia Energy Corp. (the "Company" or "Appia") (CSE:API) is pleased to announce that further to its news release of December 29, 2016, the Company has closed its non-brokered private placement (the "Offering") with the sale of 1,301,000 flow-through shares ("FT Shares") at $0.18 per FT Share for proceeds of $234,180. The Company intends to use the proceeds from the Offering for exploration and drilling on its Loranger Property in Saskatchewan.
The Company paid cash finder's fees of $18,014.40 and issued 100,080 broker warrants. Each broker warrant entitles the holder to acquire a common share of Appia at $0.18 until December 30, 2018.
Thomas Skimming, a director of the Company, subscribed for 50,000 FT Shares. 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 does not exceed 25% of its market capitalization.
All securities issued pursuant to the above referenced Offering are subject to a hold period expiring on May 1, 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 63,564 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 45.1 million common shares outstanding, 49.1 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.