Anfield Energy Announces Pricing of US$6.0 million Underwritten Public Offering of Common Shares
Anfield raises discounted $4.00 equity to fund mine development, diluting shareholders of the pre-revenue miner.
Anfield Energy Inc. (AEC) priced an underwritten public offering of 1,491,305 common shares at $4.00 per share, raising $6.0 million in gross proceeds. The underwriters, Northland Capital Markets and Roth Capital Partners, hold an over-allotment option for up to 223,695 additional shares, exercisable within 30 days.
Net proceeds are earmarked for capital commitments to the Paradox Complex, Velvet-Wood Project, Slick Rock Complex, and Shootaring Canyon Mill, alongside working capital and general corporate purposes. Closing is expected on or about July 31, 2026, pending TSX Venture Exchange approval and customary conditions.
Anfield Energy Inc. (AEC) priced its offering at $4.00 per share, representing approximately a 32% discount to the recent market price of ~$5.86. The company issued ~1.49M shares, which dilutes existing shareholders by approximately 8.2% on a fully diluted basis.
The capital raised will fund the company's stated "hub-and-spoke" development plan, specifically targeting Velvet-Wood production by year-end 2026 and Shootaring Canyon mill refurbishment for 2027. This transaction confirms the company's reliance on continuous equity financing to execute its capital-intensive restart strategy, though it does not alter the fundamental development timeline.
Anfield Energy Inc. (AEC) operates a hub-and-spoke model centered on the fully permitted Shootaring Canyon Mill in Utah, one of only three conventional uranium mills in the U.S. The company’s flagship project is the Velvet-Wood mine in Utah, a past-producing site that historically yielded 4M lbs U3O8 and 5M lbs V2O5. Anfield targets a return to production by the end of 2026.
An updated Preliminary Economic Assessment (PEA) released in June 2026 outlines a 15-year mine life with average annual production of approximately 1.3M lbs U3O8 and 6.4M lbs V2O5. The assessment features a 106% pre-tax internal rate of return (IRR) and a net present value (NPV) of $606M, based on assumptions of $100/lb U and $9/lb V. The strategy leverages existing infrastructure, historical data, and expedited federal and state permitting to minimize capital expenditure and accelerate timelines.