IsoEnergy and Anfield deal terminated
TSX-V-listed Anfield Energy has confirmed that its proposed plan of arrangement with TSX-listed IsoEnergy, announced in October, had been terminated, and that it had secured C$26.5-million in financing to advance its projects
The termination follows IsoEnergy’s decision not to extend the arrangement beyond the December 31 outside date.
Anfield on Tuesday announced a C$15-million equity financing agreement with Uranium Energy Corp (UEC) under which UEC will acquire 107 142 857 shares at C$0.14 a share. The financing, along with an additional $8-million from its existing credit facility with Extract Advisors, provides Anfield with about C$26.5-million to support its operational and strategic goals.
These funds would enable Anfield to advance its Shootaring mill reactivation plan, engage with the state of Utah for a radioactive materials licence upgrade, complete Velvet-Wood’s plan of operations, and update Slick Rock’s uranium and vanadium resource estimate.
The financing will also facilitate Anfield’s aim to list its shares on a senior US stock exchange.
“The company has evaluated its options with regard to moving Anfield towards uranium and vanadium production and, as confirmed by the board of directors, we see compelling value in the premium-priced C$15-million UEC strategic equity financing,” said Anfield CEO Corey Dias.
Anfield confirmed it would repay IsoEnergy’s C$6-million promissory note and indemnity for up to $3-million in principal with proceeds from the equity financing and credit facility.
IsoEnergy CEO Philip Williams commented on the termination, stating, “While the Anfield acquisition would have complemented our US portfolio, we remain confident in the strength of our existing global portfolio to deliver on our strategy of becoming a leading diversified uranium company in Tier 1 jurisdictions.”
With funding secured, Anfield plans to accelerate progress on its key uranium and vanadium projects, including permitting, resource upgrades, and reactivation initiatives, strengthening its foothold in the nuclear energy market.