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Anfield Resources (TSXV:ARY) says it has received a binding commitment letter from Ultegra Financial Partners for a credit facility up to USD $12 million. The company says the commitment helps removes financial uncertainty surrounding Anfield’s pursuit of Uranium One Americas’ U.S.-based conventional uranium assets.
According to the press release:
Specifically, the Facility will allow Anfield to meet all of its financial obligations required to close the transaction provided for under the asset purchase agreement with Uranium One Americas (“Uranium One”) announced on August 18, 2014 (see news release), including obtaining replacement letters of credit sufficient to replace Uranium One’s existing surety bonds on the Shootaring Canyon uranium mill and associated assets. Funding of the credit facility is intended to occur by the March 31, 2015 closing of the Uranium One transaction.
Corey Dias, CEO, said:
We are thrilled to have been able to secure a binding financing commitment, in the form of a credit facility, which would allow us to not only meet our financial obligations with regard to the closing of the Uranium One transaction but also begin the process of advancing these assets toward commercial production. Moreover, the credit facility will allow us to do so without any dilution to existing shareholders. Finally, the impending acquisition of the Shootaring Canyon mill, whose scarcity value is reflected by it being one of only three licensed, permitted and constructed conventional uranium mills in existence in the United States, accelerates Anfield’s path to production, which will then place it into a very select group of North American uranium producers or near-term producers.
Click here to read the Anfield Resources (TSXV:ARY) press release
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