Appia Announces First Closing of Non-Brokered Offering

October 27, 2020 (Source) — Appia Energy Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (the “Company” or “Appia”) is pleased to announce that it will be closing the first tranche of its non-brokered private placement, announced on October 6, 2020, on October 28, 2020 with the issuance of 2,750,000 flow-through units (the “FT Units“) for gross proceeds of $1,100,000 and 597,285 working capital units (“WC Units“) (collectively the “Offering“) for gross proceeds of $209,049.75 for total gross proceeds of $1,309,049.75. The Offering will remain open until the earlier of the sale of the remaining 6,652,715 units and November 20, 2020.

Each FT Unit is priced at $0.40 and consists of one (1) common share and one-half (0.5) of a share purchase warrant. Each full warrant (“Warrant”) entitles the holder to purchase one (1) common share (a “Warrant Share“) at a price of $0.50 per Warrant Share until April 28, 2022.

Each WC Unit is priced at $0.35 and consists of one (1) common share and one-half (0.5) of a share purchase warrant. Each full warrant (“Warrant”) entitles the holder to purchase one (1) common share (a “Warrant Share“) at a price of $0.50 per Warrant Share until April 28, 2022.

Eligible Finders were paid $59,250 in cash and issued 145,500 Broker Warrants and 3,000 WC Broker Warrants. Each broker warrant issued in relation to the sale of FT Units (“Broker Warrants“) entitles the holder to acquire one (1) common share of the Corporation at a price of $0.40 until April 28, 2022 and each broker warrant issue in relation to the sale of WC Units (“WC Broker Warrants“) entitles the holder to acquire one (1) common share of the Corporation at a price of $0.35 until April 28, 2022.

Proceeds from the Offering are expected to be used for exploration of the Company’s uranium and rare earth element properties in Saskatchewan.

All securities to be issued under the Offering are subject to a statutory hold period expiring on March 1, 2021.

About Appia

Appia is a Canadian publicly-listed company in the uranium and rare earth element sectors. The Company is currently focusing on delineating high-grade critical rare earth elements (“REE”) and uranium on the Alces Lake property, as well as prospecting for high-grade uranium in the prolific Athabasca Basin on its Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 65,601 hectares (162,104 acres) in Saskatchewan.

The Company also has a 100% interest (subject to a 1% Uranium Production Payment Royalty and a 1% Net Smelter Return Royalty on any precious or base metals payable, provided that the price of uranium is greater than US$130 per pound) in 12,545 hectares (31,000 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. The Camp historically produced over 300 million pounds of U3O8 and is the only Canadian camp that has had significant rare earth element (yttrium) production. The deposits are largely unconstrained along strike and down dip.

Appia’s technical team is directed by James Sykes, who has had direct and indirect involvement with over 550 million lbs. U3O8 being discovered in five deposits in the Athabasca Basin.

Appia currently has 80.7 million common shares outstanding, 97.8 million shares fully diluted.

For more information, visit Appia’s website at www.appiaenergy.ca

Cautionary Note Regarding Forward-Looking StatementsThis News Release contains forward-looking statements which are typically preceded by, followed by or including the words “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Tom Drivas, President, CEO and Director: (tel) 416-546-2707, (fax) 416-218-9772 or (email) appia@appiaenergy.ca

Frank van de Water, Chief Financial Officer and Director, (tel) 416-546-2707, (fax) 416-218-9772 or (email) fvandewater@rogers.com

James Sykes, VP Exploration & Development, (tel) 306-221-8717, (fax) 416-218-9772 or (email) jsykes@uraniumgeologist.com