Business
Anfield Resources Closes Transaction With Cotter To Significantly Expand Its Uranium And Vanadium Portfolio
VANCOUVER, British Columbia, March 01, 2019 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX-V: AEC, OTCQB: ANLDF, FRANKFURT: 0AD) (“Anfield” or the “Company”) is p
About this update from Anfield Energy Inc
[{"type":"text","content":" VANCOUVER, British Columbia, March 01, 2019 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX-V: AEC, OTCQB: ANLDF, FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce, further to its news releases on March 12, 2018, and January 8, 2019, that it has closed its previously-announced transaction (the “Transaction”) with Cotter Corporation (N.S.L.) (“Cotter”) to acquire both the Charlie ISR Uranium Project (the “Charlie Project”) and nine past-producing uranium/vanadium properties in Colorado, collectively known as the West Slope Project (“West Slope Project”). Anfield’s CEO, Corey Dias, commented: “We are excited to close this transformational transaction. We now look forward to creating both an ISR uranium mine-and-mill complex in Wyoming – underpinned by our resin processing agreement with Uranium One – and a conventional uranium and vanadium mine-and-mill complex – underpinned by Anfield’s Shootaring Canyon mill – within Utah and Colorado. As uranium and vanadium markets continue to trend upwards, buoyed by burgeoning demand and declining supply, we are now even better-positioned for production at the appropriate time”. Cotter received 11,051,775 common shares of Anfield as consideration for the Transaction, resulting in Cotter now holding a 19.9% ownership interest in the Company. Pursuant to TSX Venture Exchange policies, the deemed value of the Transaction is $1,823,543 (based upon the maximum allowable 25% discount from the market price of Anfield’s common shares immediately following the news release announcing the signing of the Transaction on January 8, 2019). An early warning report has been filed on SEDAR in connection with the issuance of shares to Cotter. A copy of the report can be obtained under the Company’s profile on SEDAR, or from Cotter by contacting Kenneth Mushinski at (720) 554-6207. The Charlie Project Inexco Oil began exploration drilling on the Charlie Project in 1969 and over a two-year period completed 215 holes, comprising 91,000 ft. of drilling. A joint venture was formed with Uranerz USA, Inc. (“Uranerz”) in 1974 and an additional 715 holes were completed, including 57 core holes, totaling 283,906 ft. Cotter acquired the project from Uranerz and proceeded to evaluate it for both conventional open pit and in situ mining methods. Cotter excavated a 200 ft. test...