Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT:
0AD) (“Anfield” or the
“Company”) is
pleased to announce that it has completed the settlement (the
“
Debt Settlement”) of US$18.34 million of
indebtedness which was owed to Uranium Energy Corp.
(“
UEC”). The indebtedness was fully settled
through the payment to UEC of approximately US$9.17 million in cash
from the net proceeds of the Offering (as hereinafter defined) and
the issuance to UEC of 96,272,918 units of Anfield (the
“
Debt Units”), which were issued at a deemed
aggregate value of approximately US$9.17 million or US$0.095
(C$0.12) per Debt Unit. Each Debt Unit is comprised of one common
share of the Company (a “
Common Share”) plus one
Common Share purchase warrant (each, a “
Warrant”),
with each Warrant entitling the holder thereof to acquire one
Common Share (a “
Warrant Share”) at a price of
C$0.18 until May 12, 2027. The securities underlying the Debt Units
are subject to certain resale restrictions. As a result of the Debt
Settlement, UEC will become Anfield’s cornerstone shareholder,
owning 15.4% on an outstanding basis and 26.7% on a partially
diluted basis.
Property Swap
Anfield is also pleased to announce that it has
completed the previously announced asset swap to exchange certain
of its properties for properties of UEC (the “Property
Swap” and, together with the Debt Settlement, the
“Transactions”). Pursuant to the terms of the
Property Swap, Anfield acquired UEC’s interest in the Slick Rock
uranium-vanadium property (“Slick Rock”) located
in San Miguel County, Colorado, in exchange for UEC acquiring
Anfield’s in-situ recovery uranium asset portfolio in Wyoming.
Slick Rock further consolidates Anfield’s position in the
uranium-vanadium rich Uravan Mineral Belt, proximal to the
Company’s Shootaring Canyon Mill.
Conversion of Subscription
Receipts
As previous announced, on May 12, 2022, Anfield
completed a bought deal private placement offering (the
“Offering”) of subscription receipts of the
Company (“Subscription Receipts”) co-led by
Haywood Securities Inc. and Red Cloud Securities Inc. Each
Subscription Receipt was sold at a price of C$0.12 for aggregate
gross proceeds to the Company of C$15,000,000 and entitled the
holder thereof to receive one unit (“Offering
Unit”) comprised of one Common Share and one
Warrant upon the satisfaction of certain conditions. Each Warrant
entitles the holder thereof to acquire one Warrant Share at a price
of C$0.18 until May 12, 2027. Upon completion of the Transactions,
the conditions were satisfied, and the Subscription Receipts were
automatically converted into 125,000,000 Offering Units. The
securities underlying the Offering Units are subject to a statutory
four-month hold period expiring on September 13, 2022 in accordance
with Canadian securities legislation. The Company will seek to list
the Warrants on the TSX Venture Exchange subsequent to the expiry
of the hold period.
Consolidation
In light of the current high levels of equity
market volatility, the Company has decided to indefinitely postpone
the proposed consolidation of its Common Share capital.
About Anfield
Anfield is a uranium and vanadium development
and near-term production company that is committed to becoming a
top-tier energy-related fuels supplier by creating value through
sustainable, efficient growth in its assets. Anfield is a publicly
traded corporation listed on the TSX-Venture Exchange (AEC-V), the
OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD).
Anfield is focused on its conventional asset centre, as summarized
below:
Arizona/Utah/Colorado – Shootaring Canyon Mill
A key asset in Anfield’s portfolio is the
Shootaring Canyon Mill in Garfield County, Utah. The Shootaring
Canyon Mill is strategically located within one of the historically
most prolific uranium production areas in the United States, and is
one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium assets consist of
mining claims and state leases in southeastern Utah, Colorado, and
Arizona, targeting areas where past uranium mining or prospecting
occurred. Anfield’s conventional uranium and vanadium assets
include the Slick Rock Project, the Velvet-Wood Project, the Frank
M Project, the West Slope Project, as well as the Findlay Tank
breccia pipe. All conventional uranium assets are situated within a
200-mile radius of the Shootaring Mill.
On behalf of the Board of DirectorsANFIELD
ENERGY INC.Corey Dias, Chief Executive Officer
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Contact:Anfield Energy Inc.Clive MostertCorporate
Communications780-920-5044contact@anfieldenergy.comwww.anfieldenergy.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING
STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY
HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY
STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS
REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED
HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN
FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR
IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL
FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR
THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,”
“PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING
STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT
ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION
AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT
ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER
PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS
INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS,
COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE
COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND
DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE
COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL
ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING
STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE
COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING
STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD
DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS
AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE
CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE
RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM
TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY
MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS
CONTENTS.
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