TSXV Accepts Anfield Resources Acquisition of Uranium One Americas

- September 25th, 2015

Anfield Resources Inc. (TSXV:ARY,OTCQB:ANLDF) announced that TSX Venture Exchange has accepted for filing: and asset purchase agreement among Anfield Resources Inc, an amended assignment and assumption agreement dated June 30, 2015, among Anfield, the purchaser, Uranium One and U.S. Energy Corp. and a memorandum of understanding dated June 11, 2015, among Anfield, the purchaser, Uranium One and Ironshore Indemnity Inc.

Anfield Resources Inc. (TSXV:ARY,OTCQB:ANLDF) announced that  TSX Venture Exchange has accepted for filing: and asset purchase agreement among Anfield Resources Inc, an amended assignment and assumption agreement dated June 30, 2015, among Anfield, the purchaser, Uranium One and U.S. Energy Corp. and a memorandum of understanding dated June 11, 2015, among Anfield, the purchaser, Uranium One and Ironshore Indemnity Inc.
As quoted in the press release:

Pursuant to the agreements, Anfield will acquire the following principal assets.
Shootaring Canyon uranium mill
The Shootaring Canyon uranium mill is located approximately 48 miles (77 kilometres) south of Hanksville, Utah. The Shootaring Canyon mill is a conventional acid-leach facility that is permitted to process up to 750 tonnes of ore per day, with a capacity to process up to 1,000 tonnes per day.
Velvet-Wood project
The Velvet-Wood project is a uranium project is located in San Juan county, Utah.
Frank M deposit
The Frank M deposit is located approximately 12 kilometres north of the Shootaring Canyon mill.
A 50-per-cent interest in the Wate Breccia Pipe in northern Arizona (the joint venture partner being Energy Fuels Inc.)
Royalty portfolio
The company has royalty arrangements on four uranium development projects. The royalty projects are not currently in production and no royalty would be due to Anfield until commencement of production. The royalty arrangements are summarized as follows:

  • A 2-per-cent to 4-per-cent sliding-scale production royalty on Azarga Uranium Corp.’s (formerly Powertech (USA) Inc.) Dewey Burdock project in Custer and Fall River counties, South Dakota;
  • A 2-per-cent net smelter returns royalty on Western Uranium Corp.’s (formerly Pinon Ridge Mining LLC, which acquired the project from Energy Fuels Resources Corp.) San Rafael project in Emery county, Utah;
  • A 2-per-cent to 4-per-cent sliding-scale gross value royalty on Energy Fuels’s Whirlwind project in Grand county, Utah;
  • A 1-per-cent royalty on Energy Fuels’s Energy Queen project in San Juan county, Utah.

Surface stockpiles
The company has two surface stockpiles. One of the stockpiles is located at the Shootaring Canyon mill and the other surface stockpile is located in the Lisbon Valley, Utah.
As consideration for the assets acquired on closing Anfield will issue:

  • A total of 7,436,505 common shares to U.S. Energy on closing;
  • On the first anniversary of closing, common shares equivalent to $750,000 (U.S.) to U.S. Energy;
  • On the second anniversary of closing, common shares equivalent to $1-million (U.S.);
  • In addition, Anfield will issue 4,022,996 common shares to Uranium One.

There are no insiders participating.

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