Appia Rare Earths & Uranium Corp. (CSE:API, OTCQB:APAAF) said it will close the final tranche of its non-brokered private placement offering with total gross proceeds of over $3.6 million.
This tranche includes the issuance of nearly 2 million flow-through (FT) shares for gross proceeds of $990,000 and 409,300 working capital (WC) units for gross proceeds of $176,000.
Each FT share is priced at $0.50 and consists of one common share, while each WC unit is priced at $0.43 and consists of one common share plus a purchase warrant to buy an additional share at a price of $0.65 for one year.
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Appia intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes, the company said. Gross proceeds from the sale of FT shares will be used for exploration expenses on the company's mining projects.
Appia is a Canadian publicly-listed company in the rare earth element and uranium sectors. The company is currently focusing on delineating high-grade critical rare earth elements and gallium on its Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston and Eastside properties.
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