Business
Appia Rare Earths & Uranium Announces Closing of PCH Project Acquisition
Toronto, Ontario--(Newsfile Corp. - December 4, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0.F) (FSE: A0I0.MU) (FSE: A0I0.BE)
About this update from Appia Rare Earths & Uranium Corp
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - December 4, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0.F) (FSE: A0I0.MU) (FSE: A0I0.BE) (the \"Company\" or \"Appia\") is pleased to announce that, further to the press release issued on June 9, 2023, it will be issuing the first tranche of 500,000 shares pursuant to the Definitive Agreement (the \"Definitive Agreement\") with 3S LTDA (\"3S\"), Beko Invest Ltd. (\"Beko\"), Antonio Vitor Junior (\"Antonio\") and AZ125 Mineracao Ltda, now known as Appia Brasil Rare Earths Mineracao Ltda (the \"Company\") to acquire up to a 70% interest in the PCH Project (the \"Transaction\") located in the Tocantins Structural Province of the Brasília Fold Belt, Goiás State, Brazil (the \"Property\"). Pursuant to the terms of the Definitive Agreement, the Property is now registered in the name of the Company and Appia currently holds a 70% interest in the Company (350,000 quotas) and Antonio holds a 30% interest in the Company (150,000 quotas). The first tranche of 500,000 shares (the \"500,000 Shares\") will be issued to Beko on December 11, 2023. Upon the issuance of the 500,000 Shares, the ongoing exploration and development of the Property will be governed by the terms of a Quotaholders Agreement among Appia, Beko, Antonio and the Company dated July 20, 2023 (the \"Quotaholders Agreement\"). Appia can maintain its 70% interest in the Company by issuing an aggregate of a further 2.0 million common shares of Appia to Beko and spending US$10 million on the Property over a period of five (5) years (the \"Option Period\") after which Appia will have earned a 60% interest in the Company. If Appia earns its 60% interest, it will then be obligated, within 90 days of earning its 60% interest, to issue a further US$1,250,000 of common shares of Appia to Beko to earn a further 10% interest in the Company. The number of shares to be issued to earn the further 10% shall be that number of common shares of Appia equal to the number arrived at by dividing US$1,250,000 by the greater of the average closing price of the common shares as quoted on the Canadian Securities Exchange (the \"CSE\") for the 30 trading days immediately preceding the announcement by Appia of its intention to earn the additional 10% interest and the discounted market price of the common shares of Appia based on...