Appia closes first tranche of private placement for $283,300

Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) completed the first tranche of a non-brokered private placement, issuing 1,531,352 working capital units at $0.185 per unit for gross proceeds of $283,300.

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

The company paid one finder $888 in cash and issued 4,800 broker warrants exercisable at $0.185 for two years. All securities issued are subject to a hold period expiring February 2, 2026.

Appia plans to use proceeds for general working capital and exploration activities on its properties in Brazil and Saskatchewan. The offering remains open for an additional 3,968,648 working capital units until October 31, 2025.

The company also announced that Ultra Rare Earth Inc. is proceeding with a previously disclosed transaction to acquire a 50% interest in Appia Brasil Rare Earths Mineracao Ltda, which holds the PCH Project in Brazil. Ultra has until October 15, 2025 to provide notice of its intent to close the transaction.

Under the transaction terms, Ultra would invest $2 million USD in an Appia unit private placement comprising 5,520,000 units priced at $0.50 CAD per unit, with each unit containing one common share and half of a warrant exercisable at $0.70 CAD for 24 months.

The company currently has 170 million common shares outstanding and 210 million shares fully diluted.

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