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Anfield Energy Inc. (TSXV:AEC) – Target Increase on Transformative Asset Swap, Debt Elimination

Impact: Very Positive

Anfield Energy has entered into a definitive agreement with Uranium Energy Corp. (NYSEAM:UEC, Not Rated) for an asset swap and settlement of its debt obligations. We view this pending transaction very positively as it transforms Anfield into one of the largest US uranium and vanadium companies with ~29M lb in U3O8 and ~116M lb in V2O5 resources and eliminates any debt overhang. We expect the asset swap and debt settlement to take place in Jun/22. UEC will become a strategic shareholder with ~15% interest and has the right to appoint a board member. On the back of the transaction, Anfield has closed a C$15M private placement, positioning it well to advance its suite of conventional uranium assets which now includes the Slick Rock project. Fundamentals for both U and V remain strong supporting Anfield’s consolidation of assets in the historic Uravan Mineral Belt.

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