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Anfield Resources brings in $3mln via placing

Last updated: 16:36 05 Jul 2017 BST, First published: 12:55 04 Jul 2017 BST

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Anfield aims to be a supply contributor once the uranium price picks up

Uranium focused Anfield Resources Inc (CVE:ARY) has raised $3mln via a private placing for project acquisition and development, and general working capital.

The company will issue 50mln units at six cents each, it said in a brief statement.

Each unit consists of one share and  a share purchase warrant, exercisable at 10 cents for a five years.

Corey Dias, Anfield's chief executive, said the group was excited to have closed the financing.

"These funds will allow us to both meet obligations related to Anfield's current projects and seek out further acquisition opportunities.

"We remain very optimistic about the uranium market.

"With Kazatomprom establishing a marketing arm in Europe in order to position itself as a swing uranium seller, we would expect to see less pressure on the spot price going forward.

"In addition, the reduction in the number of tons of uranium to be sold per year by the U.S. [Department of Energy] should also have a positive effect on the uranium spot price.

"Finally, we believe that the continued pace in the building of nuclear reactors in places such as China, India and the (United Arab Emirates) will spur a continuing rally in uranium prices, and entice both current and new producers to either maintain or expand their production efforts.

"Anfield aims to be a supply contributor once the uranium price reflects this reality."