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Appia Rare Earths & Uranium Signs Definitive Agreement to Acquire up to a 70% Interest in Ionic Clay Project, Brazil
Toronto, Ontario--(Newsfile Corp. - June 9, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (FSE: A0I0.F) (FSE: A0I.MU) (FSE: A0
About this update from Appia Rare Earths & Uranium Corp
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 9, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (FSE: A0I0.F) (FSE: A0I.MU) (FSE: A0I.BE) (the \"Company\" or \"Appia\") is pleased to announce that, further to its press releases of March 7, 2023 and May 30, 2023, the Company has signed a Definitive Agreement (the \"Definitive Agreement\") with 3S LTDA (\"3S\"), Beko Invest Ltd. (\"Beko\"), Antonio Vitor Junior (\"Antonio\") and AZ125 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\"). \"Appia has taken a significant step in cementing itself among the upper tier of critical mineral explorers with today's announcement,\" stated Stephen Burega, President. \"Brazil is emerging as a significant source of rare earths contained in ionic clays, and Appia's PCH project will further enhance this potential. The known rare earth element distribution at PCH should lead to favourable economics for processing; is easily on par with other ionic clay projects outside of Asia; and it contains relatively high levels of the magnetic REEs. Early-stage review of the rare element distribution indicates a high potential 'basket price' which is a positive indicator to advance the project. Once additional analysis is completed, a more detailed summary of known results will be shared with the market.\" Pursuant to the terms of the Definitive Agreement, the Property will be held by the Company, Appia will hold a 70% interest in the Company, subject to completing the option obligations referred to below, and Antonio will hold a 30% interest in the Company. The initial 500,000 shares (the \"Initial Shares\") to be issued to Beko will be issued when certain administrative steps have been completed in Brazil to perfect the 70% interest of Appia in the Company (the \"Perfection of the Transaction\"). A further announcement will be made when the Initial Shares are to be issued. Upon Perfection of the Transaction, 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 e...