Vancouver, British Columbia – June 10, 2020 — Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it has closed the first tranche of a non-brokered private placement, and has issued 11,373,717 units (each, a “Unit”) at a price of $0.065 per Unit, for an initial equity raise of $739,292. Each Unit consists of one common share and one share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase an additional common share at a price of $0.10 for a one year period.
The Company intends to complete a further tranche of the placement, and will offer additional Units to raise up to $1,300,000 when combined with the initial tranche.
The first tranche of the placement has closed on June 9. All securities issued have a hold period expiring on October 10, 2020. The 11,373,717 Warrants expire on June 9, 2021. In connection with completion of the first tranche of the placement, the Company paid $10,522 and issued 143,410 Warrants, to certain arms-length parties who assisted in introducing subscribers. The proceeds from the private placement will be used for the development of both the Charlie Project and other Wyoming-based ISR projects, property-related costs, and general working capital.
The placement included subscriptions from directors and officers of the Company for an aggregate of 3,100,000 Units. The issuance of units to directors and officers of the company, pursuant to the placement, are considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of insider participation, as neither the fair market value of, nor the fair market value of the consideration for, the placement, insofar as it involves directors and officers of the Company, exceeded twenty-five percent of the market capitalization of the Company.
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 two asset centers, as summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has signed a Resin Processing Agreement with Uranium One whereby Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in Wyoming. In addition, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its sales contracts.
Anfield’s 24 ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming. Anfield’s two projects in Wyoming for which NI 43-101 resource reports have been completed are Red Rim and Clarkson Hill.
The Charlie Project, the asset which was the core component of a recently-announced transaction between Anfield and Cotter Corporation, is located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development since 1969. An NI 43-101 Preliminary Economic Assessment has been completed for the Charlie Project.
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, permitted and constructed 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 assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment has been completed for the Velvet-Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither 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 Mostert
Corporate Communications
780-920-5044
contact@jxf.2c1.myftpupload.com
www.anfieldenergy.com
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