Anfield Energy announces an update to the proposed plan of arrangement between the Company and IsoEnergy (ISENF) which was approved at the Company’s special meeting of shareholders held on December 3, 2024. Further to the Company’s news release dated December 10, 2024, the Company appeared before the BC Supreme Court on Monday, December 9 and Friday, December 13 seeking the Court’s final order to the Arrangement. Uranium Energy Corp. (UEC), a shareholder of Anfield, opposed the granting of the Final Order and appeared at the hearing. During the afternoon of the second day of the hearing, UEC submitted to the Court a letter addressed to the Company offering to purchase 107,142,857 common shares of the Company at a price of $0.14 per share for total proceeds of $15,000,000. The UEC Financing Letter stated the following: “…we confirm that we are offering to subscribe for 107,142,857 common shares of Anfield at a price of C$0.14 per share.We are in a position to close this offer within one business day of acceptance. This offer is not subject to any due diligence condition…There is only one condition to this offer, being the Arrangement be terminated in accordance with its terms and the offering be completed on or before December 31, 2024.” At the end of the hearing the judge adjourned the Company’s application and ordered disclosure of the UEC Financing Letter by way of press release and further ordered the Company to hold a new shareholders’ meeting to approve the Arrangement following public disclosure of the UEC Financing Letter. Pursuant to the terms of the Arrangement Agreement, the Company is unable to complete any equity financings or to discuss any proposals regarding equity financings, including the UEC Financing Letter, with any party. The UEC Financing Letter is not a Superior Proposal under the terms of the Arrangement Agreement and should not be viewed as such. UEC has advised the Court that the UEC Financing Letter is not a Superior Proposal as that term is defined in the Arrangement Agreement. Under the terms of the Arrangement Agreement, the outside date for completion of the Arrangement is December 31, 2024. If the Arrangement is not completed by such date IsoEnergy or Anfield may terminate the Arrangement Agreement. Under the terms of the bridge loan that IsoEnergy provided to Anfield in connection with the proposed Arrangement, the loan becomes immediately due and payable upon the termination of the Arrangement Agreement. Anfield will be appealing the Court’s ruling and will request that the appeal be heard on an expedited basis prior to December 31, 2024. Anfield continues to believe that the Arrangement represents compelling value for all Anfield shareholders and will provide further details regarding next steps as soon as it is able.
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