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Anfield Energy Divests Uranium Royalty Portfolio To Focus On Its Wholly-Owned Near-Term Uranium and Vanadium Production Opportunities
VANCOUVER, British Columbia, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pl
About this update from Anfield Energy Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it has entered into a royalty purchase agreement, dated November 17, 2022, with Uranium Royalty (USA) Corp. (“URC”), a wholly-owned subsidiary of Uranium Royalty Corp., in which Anfield has agreed to sell its uranium royalty portfolio to URC in consideration of a one-time cash payment of US$1,500,000. The portfolio consists of four royalties related to the Energy Queen and Whirlwind projects held by Energy Fuels, Inc., the Dewey Burdock project held by enCore Energy and the San Rafael project held by Western Uranium and Vanadium. The divestiture fits Anfield’s strategy with regard to the primary pursuit of uranium and vanadium production through its wholly-owned conventional mine-and-mill complex. Corey Dias, Anfield CEO, stated, “We are pleased to have reached an agreement with URC regarding the sale of our royalty portfolio as our focus remains on leveraging our wholly-owned assets to meet our goal of uranium and vanadium production. Anfield continues to advance its assets to near-term production while it seeks further opportunities to increase its longer-term uranium and vanadium asset production pipeline in order to extend the life of its conventional mine-and-mill complex. This non-dilutive cash inflow provides the Company with additional funds to be used to facilitate both parts of our strategy.” Completion of the transaction with URC remains subject to the approval of the TSX Venture Exchange, and the satisfaction of customary closing conditions. No finders’ fee or commission is payable by the Company in connection with the transaction. Uranium Energy Corp. is an insider of both the Company, and URC, as a holder of more than 10% of the outstanding share capital of both companies. As a result, the Company and URC are considered to be “non-arms’ length parties” under the policies of the TSX Venture Exchange. The transaction is not considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. 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...