Anfield Energy Inc. (TSX-V:AEC, OTCQB:ANLDF) announced that it has entered into a credit agreement with existing shareholder Extract Advisors for a credit facility of $4.3 million.
On top of its recent equity financing, Anfield said the credit facility will support its asset transaction strategy, including the Marquez-Juan Tafoya transaction, and ongoing work programs in pursuit of the Shootaring Canyon mill reactivation.
“We are pleased to have executed this dual-pronged financing plan, facilitated with Extract, a shareholder of the company,” commented Anfield CEO Corey Dias.
“The facility offers us repayment flexibility and moderated against what would have been larger share dilution on the recent equity financing. The funds not only help to advance the Shootaring Canyon Mill – which represents only one of three licensed, permitted and constructed conventional uranium mills in the United States - but will also provide Anfield with additional financial flexibility as we continue to advance and grow our strategic US-based uranium and vanadium portfolio.”
Under the terms of the credit agreement, Anfield noted that Extract Advisors LLC, as agent, on behalf of Extract Capital Master Fund Ltd, will provide it with a single-draw, secured loan for $4.3 million. The facility will mature five years from the closing date, which is anticipated to be completed on or before September 30, 2023.
More details about the facility can be found here.
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.
Contact the author at stephen.gunnion@proactiveinvestors.com