Mr. Corey Dias reports
ANFIELD ENERGY INC. PROVIDES FURTHER UPDATE ON PROPOSED PLAN OF ARRANGEMENT
Anfield Energy Inc. has provided an update to the proposed plan of arrangement between the company and IsoEnergy Ltd., which was approved at the company's special meeting of shareholders held on Dec. 3, 2024.
Further to the company's news release dated Dec. 10, 2024, the company appeared before the B.C. Supreme Court on Monday, Dec. 9, and Friday, Dec. 13, seeking the court's final order to the arrangement. Uranium Energy Corp., a shareholder of Anfield, opposed the granting of the final order and appeared at the hearing. During the afternoon of the second day of the hearing, UEC submitted to the court a letter addressed to the company offering to purchase 107,142,857 common shares of the company at a price of 14 cents per share for total proceeds of $15-million.
The UEC financing letter stated:
"We confirm that we are offering to subscribe for 107,142,857 common shares of Anfield at a price of 14 cents per share.
"We are in a position to close this offer within one business day of acceptance. This offer is not subject to any due diligence condition.
"There
is only one condition to this offer, being the arrangement be terminated in accordance with its terms and the offering be completed on or before Dec. 31, 2024."
At the end of the hearing, the judge adjourned the company's application and ordered disclosure of the UEC financing letter by way of press release and further ordered the company to hold a new shareholders meeting to approve the arrangement following public disclosure of the UEC financing letter.
Pursuant to the terms of the arrangement agreement, the company is unable to complete any equity financings or to discuss any proposals regarding equity financings, including the UEC financing letter, with any party. The UEC financing letter is not a superior proposal under the terms of the arrangement agreement and should not be viewed as such. UEC has advised the court that the UEC financing letter is not a superior proposal as that term is defined in the arrangement agreement.
Under the terms of the arrangement agreement, the outside date for completion of the arrangement is Dec. 31, 2024. If the arrangement is not completed by such date, IsoEnergy or Anfield may terminate the arrangement agreement. Under the terms of the bridge loan that IsoEnergy provided to Anfield in connection with the proposed arrangement, the loan becomes immediately due and payable upon the termination of the arrangement agreement.
Anfield will be appealing the court's ruling and will request that the appeal be heard on an expedited basis prior to Dec. 31, 2024. Anfield continues to believe that the arrangement represents compelling value for all Anfield shareholders and will provide further details regarding next steps as soon as it is able.
About
Anfield Energy Inc.
Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuel supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the TSX Venture Exchange, the OTCQB marketplace and the Frankfurt Stock Exchange.
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