Anfield raising up to $14 million for U.S. uranium projects
Anfield Energy Inc. [AEC-TSXV, ANLDF-OTCQB, OAD-Frankfurt] said Wednesday it is aiming to raise $7.0 million from a non-brokered private placement offering of up to 1.12 million common shares (LIFE shares) priced at $6.25 per share.
The company also said Uranium Energy Corp. [UEC-NYSE American] has indicated an intention to subscribe for up to 1.12 million subscription receipts at the issue price in a concurrent non-brokered private placement for gross proceeds of $7.0 million. As a result, total gross proceeds from the offering are expected to be up to $14 million.
Anfield shares advanced on the news, rising 2.2% or 14 cents to $6.49. The shares currently trade in a 52-week ranger of $16.25 and $3.37.
Anfield is a uranium and vanadium development company. Its asset portfolio includes the Shootaring Canyon Mill in Garfield County, Utah. Shootaring ranks as one of only three licensed, permitted and constructed conventional uranium mills in the U.S. The asset is integral to Anfield’s pursuit of strategically acquired conventional uranium and vanadium projects in Utah, Colorado, Arizona and New Mexico, areas with a history of production. Anfield has announced its intention to pursue a listing of its shares on a senior U.S. stock exchange.
The company said it intends to use the net proceeds from the offering to fund capital commitments to the West Slope, Velvet Wood and Slick Rock projects as well as for the Shootaring Canyon Mill. The offering is expected to close by December 31, 2025.
Anfield said that under the terms of the financing, each subscription receipt will entitle Uranium Energy to receive, upon satisfaction of escrow release provisions, on or prior to 5.00 p.m. (Vancouver time) on March 31, 2026, or such other date as may be agreed in writing by the company and Uranium Energy, one common share of Anfield. The company requires the approval of the TSX Venture Exchanger of Uranium Energy’s participation in the concurrent offering, and the approval of disinterested shareholders of Uranium Energy as a “Control Person” of Anfield.
Uranium Energy is a supplier of uranium needed to produce safe, clean and reliable nuclear energy. It is advancing the next generation of low cost in situ recovery mining uranium projects in the United States and high-grade conventional projects in Canada. The company has three hub and spoke platforms in south Texas and Wyoming with a combined licensed production capacity of 12.1 million pounds of uranium octoxide per year. In August, 2024, in situ recovery operations began at the Christensen Ranch project in Wyoming, sending uranium loaded resin to the Irigaray CPP in Wyoming.
In-situ recovery involves processing the uranium while it is still in the ground through the injection of catalyzing agents into the ore. The process is only possible in porous geological formations (like sandstone) which are amenable to such a technique. On average, the capital spend needed to put an ISR uranium project into production is less than 15% of the cost to build a conventional hard-rock uranium mine.