Anfield Energy Inc. (TSX.V:AEC) (OTCQB:ANLDF) (FRANKFURT:0AD) (“Anfield” or “the Company”) is pleased to announce that it has closed its non-brokered private placement through the issuance of 19,227,437 Units at a price of $0.20, for gross proceeds of $3,845,487.40. Each Unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.40 for a period of five years. Finders’ fees to be paid consist of $53,715 and 264,775 warrants exercisable at $0.40 for a term of five years.
The proceeds from the private placement will be used for both the development of the Anfield’s uranium and vanadium assets and general working capital. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period. The Company intends to submit final documentation to the TSX Venture Exchange later today in order to receive final regulatory approval for the placement.
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 production centres, 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.
Arizona/Utah – 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 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, as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment has been completed for the Velvet-Wood Project. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.