Apex Closes $1.86 Million Offering and Begins Nasdaq Trading Under APXC
Key Facts
Apex Critical Metals said it had closed its underwritten public offering in the United States and that its American depositary receipts began trading on the Nasdaq Capital Market under the symbol APXC on October 23, 2026. The offering comprised 400,000 receipts at $4.65 each, for expected gross proceeds of $1.86 million before discounts, commissions and offering expenses. The listing coincides with new financing earmarked, according to the company, for working capital and general corporate purposes, including continuation of the drilling program at the Rift rare earths project. Each American depositary receipt represents 6 common shares of Apex, a ratio that determines the number of underlying shares represented by the U.S.-traded symbol. The company did not say the listing was intended to increase liquidity or investor access; it specified that net proceeds would fund its operations and exploration program.
According to offering details Apex announced on October 22, the $1.86 million represents expected gross proceeds before discounts and expenses, not the net amount available to the company. The company also granted the underwriter a 45-day option to purchase up to 60,000 additional receipts at the offering price, less discounts and commissions. The option would allow the offering size to increase if exercised, but the announcement did not say it had been exercised or specify any additional proceeds realized. The company will allocate net proceeds to working capital and general corporate purposes, including progress on drilling at Rift. The announced financing is therefore directly tied to continued exploration, while gross proceeds remain distinct from net financing after costs.
Apex describes the Rift project as wholly owned and located within the Elk Creek carbonatite complex in southeastern Nebraska. In a result published by the company in September, drill hole RIFT26-019 intersected 197.5 meters at a grade of 2.12% total rare earth oxide. The intersection included an internal interval of 26.9 meters grading 3.15%. These results put the drilling program at the center of the new financing's intended use, as the company says the proceeds will support continued work at the project.
Apex said on August 12 that drill hole RIFT26-012 intersected 151.4 meters at a grade of 2.42% total rare earth oxide, and that it had extended mineralization in the Trinity area 100 meters west compared with the previous hole, RIFT26-002. In an October 5 announcement, the company said drilling was underway with one drill rig and was planned to continue through the fourth quarter of 2026. It added that results from additional assays would be released as they were received, reviewed and interpreted. The company also set eastward drilling as a priority to define the eastern extension of Trinity before targeting an initial mineral resource estimate by the end of the first quarter of 2027. This schedule sets the next timeframe for the announced drilling, while the offering announcement did not specify a date for new results or another issuance.
Before American depositary receipt trading began, Apex shares closed at C$1.35 on the CSE on October 22, down 3.57% for the day, according to Investing.com. That move relates to the Canadian shares before the receipts began trading on Nasdaq and does not represent a price for APXC receipts in the U.S. market. U.S. trading thus shifts to units, each representing 6 common shares, as the company uses the offering to fund operating needs and its ongoing drilling program. Apex said net proceeds would include "funding the ongoing drilling program at the Rift rare earths project." The offering announcement did not specify a date for the next drilling results, while the company said in its earlier announcement that assay results would be released after they were received, reviewed and interpreted.