Anfield Energy Inc. (TSX-V:AEC, OTCQB:ANLDF) said it has completed the acquisition of Neutron Energy, a wholly-owned subsidiary of enCore Energy Corp,
The acquisition sees Anfield gain control of the Marquez-Juan Tafoya uranium project in the Grants Uranium Mineral District, approximately 50 miles west-northwest of Albuquerque, New Mexico.
In a statement, Corey Dias, the CEO of Anfield, expressed satisfaction with the completed acquisition, commenting: "We are pleased to complete the acquisition of the Marquez-Juan Tafoya Uranium Project as it both reinforces our acquisition strategy whereby we pursue advanced uranium and or vanadium projects. Moreover, the addition of Marquez-Juan Tafoya - now our largest-single uranium project, in terms of resource size - significantly expands our uranium resource base."
Dias also emphasized the importance of their pursuit of advanced uranium deposits, given the ongoing global nuclear renaissance and the growing uranium supply deficit. He highlighted the potential risks to US utility uranium supply as Kazakhstan pivots its focus towards supporting China's nuclear growth plans. This, in turn, underscores the opportunity for uranium producers in the US.
He further outlined Anfield's strategy moving forward, stating: "To that end, we will continue to advance both our near-term strategy, which centers on our advanced Utah and Colorado uranium and vanadium projects – Velvet Wood, West Slope, and Slick Rock – underpinned by our wholly-owned Shootaring Canyon mill, one of only three licensed conventional mills in the US and our longer-term production strategy, which includes the acquisition of complementary assets with potential to feed additional uranium and vanadium resource to our Shootaring Canyon mill. We believe that Marquez-Juan Tafoya will both complement our existing portfolio of assets and serve as part of our longer-term uranium production strategy."
In consideration for acquiring Neutron, Anfield issued 185,000,000 common shares to enCore and agreed to pay C$5,000,000 in cash. A significant portion of the cash consideration, C$4,000,000, was paid at the closing of the deal, while the remaining balance is scheduled to be paid on or before September 25, 2023.
Furthermore, enCore has been granted the right to nominate one director to Anfield's board, as long as it maintains at least 10% ownership of the company's outstanding shares. Eugene Spiering has been appointed as the initial nominee of enCore to the board of directors.
Anfield Energy, a uranium and vanadium development and near-term production company, is focused on becoming a leading energy-related fuels supplier through sustainable and efficient growth in its asset portfolio.
Contact the author at jon.hopkins@proactiveinvestors.com