Business
Appia Rare Earths & Uranium Announces Upsizing of Bought Deal Private Placement to C$7.0 Million
Toronto, Ontario--(Newsfile Corp. - October 27, 2021) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (th
About this update from Appia Rare Earths & Uranium Corp
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - October 27, 2021) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (the \"Company\" or \"Appia\") is pleased to announce that due to significant demand, the Company and Red Cloud Securities Inc. (\"Red Cloud\"), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the \"Underwriters\"), have agreed to increase the size of the Company's previously announced private placement from C$6,000,000 to C$7,000,000. Under the revised private placement, the Underwriters have agreed to purchase for resale any combination of the following securities for aggregate gross proceeds of C$7,000,000 (the \"Offering\"): flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.90 per FT Unit; and FT Units to be sold to charitable purchasers (the \"Charity FT Units\") at a price of C$1.00 per Charity FT Unit, subject to the minimum purchase for resale of 5,000,000 Charity FT Units for minimum gross proceeds of C$5,000,000. The FT Units and Charity FT Units shall collectively be referred to as the \"Offered Securities.\" Each FT Unit and Charity FT Unit will consist of one common share of the Company to be 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 that date which is 24 months after the Closing Date (as herein defined). The Company has granted to the Underwriter an option, exercisable up to 48 hours prior to the closing of the Offering, to purchase for resale any combination of FT Units and Charity FT Units at their respective offering prices for additional gross proceeds of up to C$1,500,000. 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 a...