Appia (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) today announced its entry into a non-binding memorandum of understanding (“MOU”) with 15997356 Canada Inc. (the “purchaser”) to option up to a 100% working interest in the company’s Elliot Lake Uranium Project located in Elliot Lake Ontario (the “transaction”). According to the announcement, the transaction is subject to the parties entering into a definitive agreement setting out specific terms and conditions. The purchaser can earn a 51% interest in Elliot Lake by paying $25 million (the “initial cash consideration”) to Appia by Oct. 31, 2024 (the “closing date of stage one”). The transaction is conditional upon the purchaser providing Appia with a financing commitment on or before July 9, 2024, failing which Appia can terminate the transaction. The purchaser has the right to assign the MOU to another private or public company. The transaction is subject to satisfactory completion of due diligence, the execution of a definitive agreement and the fulfilment of certain customary conditions including regulatory approval.
To view the full press release, visit https://ibn.fm/X5q84
About Appia Rare Earths & Uranium Corp
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The company holds the right to acquire up to a 70% interest in the PCH Ionic Adsorption Clay Project (see June 9, 2023, press release), which is 40,963.18 ha. in size and located within the Goiás state of Brazil (see Jan. 11, 2024, press release). The company is also focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property and exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The company holds the surface rights to exploration for 94,982.39 hectares (234,706.59 acres) in Saskatchewan. The company also has a 100% interest in 13,008 hectares (32,143 acres), with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. For more information, visit the company’s website at Appiareu.com.
NOTE TO INVESTORS: The latest news and updates relating to APAAF are available in the company’s newsroom at https://ibn.fm/APAAF
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