September 28, 2023
Anfield Energy Inc. (TSXV:AEC, BUY, C$0.20 target, David A. Talbot) has announced a C$4.3M credit facility with an existing shareholder, Extract Advisors LLC (Private). The facility includes a single draw, secured loan with a five-year maturity, bearing a coupon of the Secured Overnight Financing Rate (SOFR) plus 5% per annum, payable semi-annually, which can be capitalized at SOFR plus 7%. Additionally, Anfield is expected to issue ~42M five-year warrants to Extract, priced at C$0.095/sh. The proceeds are expected to be used to support: 1) the recently announced Marquez-Juan Tafoya acquisition that increased Anfield’s total resources by >60% (read note), and 2) the re-start of the Shootaring Canyon mill, which is one of the only three licensed conventional uranium mills in the US. Looking ahead, we believe investors should be focused on several catalysts that are expected to help drive the share price including 1) updated MRE at West Slope projects (ongoing), 2) PFS-level study for the Shootaring Canyon mill, and 3) ongoing M&A. Read more
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Anfield Energy Inc. – TSXV:AEC – 3
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