Anfield Energy Inc. Announces Completion of Annual Filings and Reinstatement of Trading
VANCOUVER, June 03, 2024 - 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 twelve-month term which commenced on December 14, 2023, for which CanaCom Group has received a one-time cash payment of $110,000 at the time of commencement.
The Company is at arms-length from Capital 10X and CanaCom Group. Compensation to Capital 10X and CanaCom Group does not include any securities of the Company. To the knowledge of the Company, CanaCom Group is a shareholder of the Company, but otherwise neither Capital 10X, nor CanaCom Group, have any interest in the Company.
Private Placement Updates
The Company also notes the following corrections in the number of broker warrants issued in connection with previous private placements:
- On March 7, 2022, the Company completed a private placement of units at a price of $0.085 per unit. In connection with completion of the placement, the Company issued a total of 4,370,823 broker warrants to certain arms'-length finders, representing a decrease of 272,727 warrants from the amount previously noted by the Company in its news releases of February 25, 2022 and March 7, 2022.
- On December 22, 2023, the Company completed a private placement of units at a price of $0.065 per unit. In connection with completion of the placement, the Company issued a total of 1,966,170 broker warrants to certain arms'-length finders, representing an increase of 46,200 warrants from the amount previously noted by the Company in its news release of December 22, 2023.
The above corrections to the issued broker warrants remain subject to the acceptance of the TSX Venture Exchange, and were not approved at the time of the underlying placements.
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 supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the TSX Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD).
On behalf of the Board of Directors
Anfield Energy Inc.
Corey Dias, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Anfield Energy Inc.
Clive Mostert, Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS". STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.