Anfield Energy Closes Upsized Private Placement
VANCOUVER, British Columbia, May 14, 2021 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to
announce that, due to investor interest, it has closed its upsized, non-brokered, private placement. The private placement, consisting of to 57,645,295 Units at a price of $0.085 per Unit, raised
gross proceeds of $4,899,850 (“the Offering”). 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 $0.13 for a period of twenty-four (24) months. Red Cloud Securities, Inc. acted as a Finder with respect to the Offering.
All securities issued in the Offering are subject to a hold period expiring on September 15, 2021. In connection with completion of the Offering, the Company paid $271,292 and issued 3,156,671 Warrants to certain arms-length finders who assisted in introducing subscribers.
The proceeds from the private placement will be used for the development of the West Slope vanadium/uranium properties, the Charlie Project and other Wyoming-based ISR projects, the Newsboy Gold Project, property-related costs, and general working capital.
The Offering included subscriptions from directors and officers of the Company for an aggregate of 4,250,000 Units. The issuance of Units to directors and officers of the Company, pursuant to the Offering, 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.
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 also a precious metals development company. 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 three asset centres, as summarized below: