Anfield Resources and Uranium One Agree to Extend Transaction Closing Date; Anfield Expects to Receive a 25% Reduction on Shootaring Reclamation Bond
ACCESS Newswire
VANCOUVER, BC / ACCESSWIRE / April 1, 2015 / Anfield Resources Inc. (ARY.V)(ANLDF)(0AD.F)("Anfield" or "the Company") announces that they have entered into an agreement with Uranium One Inc. ("Uranium One") to extend the closing date for the acquisition of the Shootaring Canyon Mill and a portfolio of conventional uranium assets from Uranium One (the "Transaction") for up to an additional 90 days. On August 18, 2014, Anfield announced that it had entered into definitive agreements with Uranium One to complete the Transaction. The Transaction was originally scheduled to close on or before March 31, 2015. The definitive agreements, as amended by Anfield and Uranium One (the "Amendment"), now call for the Transaction to close on or before June 30, 2015.
In addition, Anfield announces that it is working with a surety bond provider to replace the long-term government reclamation bonds that are currently in place over the Shootaring Canyon Mill. Anfield expects that the surety bond will be provided with a collateral reduction of 25% of the total reclamation bond with an annual premium of 3% of the bond value. Within twenty four months following closing, the Company will make an additional deposit to cover the remaining amount of the reclamation bonds.
Anfield reiterates that it has achieved significant milestones towards closing including the following:
- Obtained conditional approval from the Utah Division of Radiation Control for transfer of the Shootaring Mill radioactive materials license and accompanying groundwater discharge permit;
- Obtained conditional approval from the TSX Venture Exchange for the transaction to proceed;
- Obtained approval from the Committee on Foreign Investment in the United States for the transaction to proceed;
- Obtained approval from the Federal Communications Commission for transfer of the radio communications license;
- Completed a National Instrument 43-101 resource report for the Velvet-Wood project in anticipation of the transfer;
- Commenced a Preliminary Economic Assessment report for the Velvet-Wood project in anticipation of the transfer;
- Received commitment to replace long-term government reclamation bonds at a collateral reduction of 25%.
Anfield also provides notice that it is no longer in negotiations with Ultegra Financial Partners, Inc. for the financing which was announced on January 22, 2015. Further opportunities for funding are now being pursued through other sources, including Fisher Enterprises LLC.
Under the terms of the Amendment, Anfield is to provide evidence of sufficient financing to close the Transaction and satisfy its commitments under the definitive agreements by May 31, 2015.
Corey Dias, CEO of Anfield stated: "We are committed to closing the Transaction, as demonstrated by the significant effort we have expended as we have successfully navigated the various regulatory hurdles required to consummate the Transaction. We feel that the 90-day extension will allow us to better leverage our position as we seek significant funding sources in the future. Additionally, we are pleased to be working to secure a surety arrangement with a cash collateral reduction, which significantly reduces the amount that Anfield will need to provide to close the Transaction."
About Anfield's Properties
Anfield is an energy metals exploration, 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 energy metals assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V), the OTCQB (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on the acquisition and development of an array of strategic energy metals projects as summarized below:
Uranium
Upon the closing of the Transaction, the Shootaring Mill in Garfield County, Utah will be added to Anfield's portfolio of assets. The Shootaring Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Upon the closing of the Transaction, Anfield's uranium assets will consist of mining claims and state leases in southeastern Utah, Colorado, South Dakota and Arizona totalling nearly 65,500 acres (26,507 hectares), targeting areas where past uranium mining or prospecting occurred. Upon the closing of the Shootaring Transaction, Anfield's uranium assets will include the Velvet-Wood Deposit, containing a measured and indicated resource of 4.6 million pounds U3O8 at an average grade of 0.29% (Velvet-Wood Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah USA dated 14-November-2014, prepared by BRS, Inc.), as well as additional deposits containing a historical measured and indicated U3O8 resource estimate of 2.2 million pounds, all situated within a 125-mile radius of the Shootaring Mill. The tonnages, grades and sources of the 2.2 million pound historic resources referred to above is the Frank M Uranium Project with an indicated resource of 1,095,000 indicated tonnes at 0.101% U3O8 for 2,210,000 pounds (Frank M Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah USA dated 10-June-2008, prepared by BRS, Inc.).
Note on Historical Estimates: Anfield is not treating the historical estimates referred to above as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
Copper
Anfield also focuses on copper exploration in Arizona and Chile, two of the foremost copper producing jurisdictions in the world.
On behalf of the Board of Directors
ANFIELD RESOURCES INC.
Corey Dias, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS". STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION, THAT THE COMPANY'S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME.
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