Business
Appia Rare Earths & Uranium Announces Closing of Upsized C$8.5 Million Bought Deal Private Placement
Toronto, Ontario--(Newsfile Corp. - November 17, 2021) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) (FSE: A01) (FSE: A01.MU) (FSE: A01.BE) (the
About this update from Appia Rare Earths & Uranium Corp
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - November 17, 2021) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) (FSE: A01) (FSE: A01.MU) (FSE: A01.BE) (the \"Company\" or \"Appia\") is pleased to announce the closing of its previously announced bought deal private placement (the \"Offering\") for gross proceeds of C$8,500,000, which includes the proceeds from the full exercise of the underwriters' over-allotment option. Due to significant demand, the Offering was upsized from the original gross proceeds of C$6.0 million. Under the Offering, the Company sold 2,222,222 flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.90 per FT Unit and 6,500,000 FT Units that were sold to charitable purchasers (each, a \"Charity FT Unit\") at a price of C$1.00 per Charity FT Unit. Red Cloud Securities Inc., as lead underwriter and sole bookrunner, with Research Capital Corp. acted as underwriters (the \"Underwriters\") for the Offering. Each FT Unit and Charity FT Unit consists of one common share of the Company issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder to purchase one Warrant Share at a price of C$1.10 at any time on or before November 17, 2023. Proceeds from the sale of FT Shares will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the Income Tax Act and \"flow through mining expenditures\" as defined in subsection 127(9) of the Income Tax Act (\"Qualifying Expenditures\"). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. The FT Shares and Warrant Shares will have a hold period ending on March 18, 2022. Under the Offering, the Company paid to the Underwriters total cash commissions of C$591,491 and issued to the Underwriters 606,656 warrants of the Company (the \"Compensation Warrants\"). Each Compensation Warrant is exercisable to acquire one unit of the Company (each, a \"Compensation Unit\") at a price of C$0.90 at any time on or before November 17, 2023. Each Compensation Unit shall consist of one...