Anfield Gold (ANF-V) Aug 22, '16 is pleased to announce that it plans to conduct a non-brokered private placement of up to 22,222,222 common shares in the capital of Anfield at a price of CDN $1.35 per Share to raise gross proceeds of up to approximately CDN $30 million. The price of CDN $1.35 represents a 7% discount to the last closing price of Anfield common shares of CDN $1.45 and an 18% discount to the 20 day volume-weighted average price of Anfield common shares of CDN $1.64.
The net proceeds of the Private Placement will be used for costs associated with the development of Anfield's Coringa Gold Project ("Coringa") and general working capital purposes.
Since acquiring Coringa on May 6, 2016, Anfield has continued to build a project team to manage and finalize the engineering studies incorporating the Andorinhas process plant (the "Plant") and equipment purchased from Troy Resources, and eventually construct and operate Coringa. In parallel, Anfield initiated an implementation plan to disassemble, transport and reassemble the Plant and mining equipment to Coringa. Significant progress has been made on dismantling the Plant which is in the process of being moved to Coringa. Anfield continues to expect it will complete construction of Coringa during 2017.
Marshall Koval, Anfield's Chief Executive Officer, noted, "We continue to be on track with progress at Coringa, and the funds to be raised in this private placement will help us as we continue that development."
Certain insiders of Anfield will be participating in the Private Placement. The Private Placement is exempt from the formal valuation and majority of the minority requirements applicable to related party transactions as set out in Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions as the aggregate fair market value of the Shares to be purchased by insiders pursuant to the Private Placement is less than 25% of Anfield's market capitalization.
The Private Placement is subject to regulatory approval, and all Shares issued in connection with the Private Placement will be subject to a four-month and one day hold period under applicable securities laws.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ANFIELD GOLD CORP.
Marshall Koval, President & CEO
Anfield Gold Corp.
Martin Rip
+ 604 646-1884
+ 604 687-7041
www.anfieldgold.com
info@anfieldgold.com |
