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Anfield Energy Announces Closing of C$15 Million Bought Deal Private Placement in Connection with Corporate Transactions
VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is ple
About this update from Anfield Energy Inc
[{"type":"text","content":" VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that it has closed the previously announced bought deal private placement offering of 125,000,000 subscription receipts (the “Subscription Receipts”) of the Company at a price of C$0.12 (“Issue Price”) per Subscription Receipt for gross proceeds of C$15,000,000 (the “Offering”). The Offering was co-led by Haywood Securities Inc. (“Haywood”) and Red Cloud Securities Inc. (together with Haywood, the “Underwriters”). The Offering was conducted in connection with the previously announced Transactions (defined below) of the Company, which are aimed at positioning Anfield as a well-funded uranium and vanadium development company solely focused in the southwest United States. As disclosed in the Company’s press release dated April 21, 2022, Anfield has entered into a settlement agreement with Uranium Energy Corp. (“UEC”) with respect to US$18.34 million owed to Uranium One Americas, Inc. and presently due and owing to UEC (the “Indebtedness”). UEC has agreed to the full settlement of the Indebtedness for US$9.17 million in cash plus US$9.17 million in securities of Anfield (the “Debt Settlement”). In addition, Anfield will complete an asset swap to exchange certain of its properties for properties of UEC (the “Property Swap” and, together with the Debt Settlement, the “Transactions”). It is anticipated that the Transactions will close in early June, 2022. The net proceeds of the Offering will be used to fund the cash portion of the Debt Settlement, advancement of the Company’s uranium and vanadium assets in the United States and for general working capital purposes. The Subscription Receipts were issued pursuant to a subscription receipt agreement (the “Subscription Receipt Agreement”) entered into by the Company, Haywood, on behalf of the Underwriters, and Computershare Trust Company of Canada (the “Escrow Agent”). Pursuant to the Subscription Receipt Agreement, the gross proceeds of the Offering (less 50% of the Underwriter’s aggregate cash commission and all of the Underwriter’s expenses) (the “Escrowed Funds”) will be held in escrow pending satisfaction of certain conditions, including, amongst others, (a) the satisfaction or waiver of each of the condition...