Appia announces private placement to raise up to $1.02 million

Appia Rare Earths & Uranium Corp. (CSE: API) announced a non-brokered private placement offering of up to 5.5 million working capital units at $0.185 per unit, seeking to raise up to $1,017,500.

Each unit consists of one common share priced at $0.185 and half of a common share purchase warrant. Each full warrant allows the holder to purchase one common share at $0.30 until two years from closing, or 30 days after the company's shares trade at or above $0.40 for 10 consecutive trading days, provided this occurs at least four months after closing.

The company stated proceeds will fund general working capital and exploration activities on its properties in Brazil and Saskatchewan.

Appia also provided an update on its previously announced transaction with Ultra Rare Earth Inc. Due diligence remains ongoing for Ultra's acquisition of a 50% interest in Appia Brasil Rare Earths Mineracao Ltda, which holds the PCH Project in Brazil's Goiás State.

If Ultra completes due diligence and proceeds with the transaction, the deal requires Ultra to invest $2 million USD in an Appia private placement of 5.52 million units at $0.50 CAD per unit. Each unit would include one common share and half of a warrant exercisable at $0.70 CAD for 24 months.

The Toronto-based company operates in rare earth elements and uranium sectors, holding exploration rights across properties in Brazil, Saskatchewan, and Ontario. Appia has 168.5 million common shares outstanding and 207.7 million shares fully diluted, according to the press release.

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