Anfield Signs Agreement With Cotter to Significantly Expand Its Uranium and Vanadium Portfolio
Date: Jan 9, 2019
Anfield Energy Inc. (TSX-V: AEC, OTCQB: ANLDF, FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce, further to its news release on March 12, 2018, that it has signed an Asset Purchase Agreement (APA) with Cotter Corporation (N.S.L.) (“Cotter”), an arm’s-length party, to acquire both: the Charlie ISR Uranium Project (the “Charlie Project”) located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming; and nine past-producing uranium/vanadium properties in the Montrose and San Miguel Counties of Colorado, collectively known as the West Slope Project (“West Slope Project”).
Anfield’s CEO, Corey Dias, commented: “We are excited to acquire these projects which significantly expand our uranium and vanadium portfolios. The Charlie Project represents an important step forward in creating an ISR uranium mine-and-mill complex in Wyoming as we seek to leverage our resin processing agreement with Uranium One. Further, the West Slope Project provides Anfield with the potential to extend the mill life of our conventional Shootaring Canyon Mill, thereby strengthening our uranium/vanadium mine-and-mill complex. Importantly, Anfield will also have access to the data from the previous exploration activities at both the Charlie Project and the West Slope Project, allowing for rapid preparation of technical reports on both projects. Consequently, as uranium and vanadium markets trend upwards, we are now even better-positioned for production at the appropriate time.”
The transaction will be settled with the issuance of common shares of Anfield to Cotter equal to a 19.9% ownership interest in Anfield and, should either project proceed to production, Cotter will retain a 20% interest in all yellowcake production from the Charlie Project and a 15% interest in all yellowcake and vanadium production from the West Slope Project. Based on the current outstanding share capital of Anfield, the transaction is expected to result in the issuance of 11,051,775 common shares to Cotter. In accordance with the policies of the TSX Venture Exchange, the deemed value of the transaction will be determined based upon the maximum allowable discount (25%) from the market price of the Company’s common shares following the issuance of this news release.
