Business
Anfield Energy Announces Completion of Annual Filings and Reinstatement of Trading
VANCOUVER, British Columbia, June 03, 2024 (GLOBE NEWSWIRE) -- Anfield Energy, Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) anno
About this update from Anfield Energy Inc
[{"type":"text","content":" VANCOUVER, British Columbia, June 03, 2024 (GLOBE NEWSWIRE) -- Anfield Energy, Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) announces that it has filed its annual financial statements, accompanying management's discussion and analysis and related officer certifications (collectively, the “Annual Filings”) for the financial year ended December 31, 2023. Following completion of the filings, the British Columbia Securities Commission has revoked the previously issued cease trade order (the “CTO”). Anfield expects its shares to be reinstated for trading on the TSX Venture Exchange at the open of markets on or about June 5, 2024. The Annual Filings had not been filed due to an unanticipated change in auditor practices which led to a requirement to reverse an asset impairment charge related to the Shootaring Canyon mill, put in place in 2017 as a consequence of an audit analysis and determination that the mill would not be restarted due to a low uranium price at that time. This impairment is now reversed and the book value of the Shootaring Canyon mill increased by approximately $22 million. The impairment reversal required a comprehensive business valuation appraisal, undertaken by a third-party firm specializing in valuations, which informed the auditors as to both the validity and amount of the reversal of the Shootaring Canyon mill impairment. Market Awareness Engagements The Company also confirms the following ongoing engagements: Capital 10X: 12673428 Canada Inc., doing business as Capital 10X, is a research and analysis firm owned by Duane Hope, based in Toronto, Ontario and active in the metals and mining industry. Capital 10X increases awareness of the Company through social media platforms, and produces management interviews and written, visual and video content. The engagement commenced on January 1, 2023, and is currently on a month-to-month basis during which time Capital 10X is entitled to receive a monthly cash fee of $6,000. CanaCom Group: 2686362 Ontario Corporation, doing business as CanaCom Group, is a full-service media agency based in Toronto, Ontario and co-owned by Matt Lewis, Steve Hyland and Jordan Lutz. CanaCom Group produces articles and video content for the Company, as well as increasing awareness through online hosting of content. The engagement of CanaCom Group is for a t...