Anfield Energy Announces Completion of Transactions with Uranium Energy and Conversion of Subscription Receipts Issued in C$15 Million Offering

VANCOUVER, British Columbia, June 08, 2022 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that it has completed the settlement (the “Debt Settlement”) of US$18.34 million of indebtedness which was owed to Uranium Energy Corp. (“UEC”). The indebtedness was fully settled through the payment to UEC of approximately US$9.17 million in cash from the net proceeds of the Offering (as hereinafter defined) and the issuance to UEC of 96,272,918 units of Anfield (the “Debt Units”), which were issued at a deemed aggregate value of approximately US$9.17 million or US$0.095 (C$0.12) per Debt Unit. Each Debt Unit is comprised of one common share of the Company (a “Common Share”) plus one Common Share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder thereof to acquire one Common Share (a “Warrant Share”) at a price of C$0.18 until May 12, 2027. The securities underlying the Debt Units are subject to certain resale restrictions. As a result of the Debt Settlement, UEC will become Anfield’s cornerstone shareholder, owning 15.4% on an outstanding basis and 26.7% on a partially diluted basis.

Property Swap

Anfield is also pleased to announce that it has completed the previously announced asset swap to exchange certain of its properties for properties of UEC (the “Property Swap” and, together with the Debt Settlement, the “Transactions”). Pursuant to the terms of the Property Swap, Anfield acquired UEC’s interest in the Slick Rock uranium-vanadium property (“Slick Rock”) located in San Miguel County, Colorado, in exchange for UEC acquiring Anfield’s in-situ recovery uranium asset portfolio in Wyoming. Slick Rock further consolidates Anfield’s position in the uranium-vanadium rich Uravan Mineral Belt, proximal to the Company’s Shootaring Canyon Mill.

Conversion of Subscription Receipts

As previous announced, on May 12, 2022, Anfield completed a bought deal private placement offering (the “Offering”) of subscription receipts of the Company (“Subscription Receipts”) co-led by Haywood Securities Inc. and Red Cloud Securities Inc. Each Subscription Receipt was sold at a price of C$0.12 for aggregate gross proceeds to the Company of C$15,000,000 and entitled the holder thereof to receive one unit (“Offering Unit”) comprised of one Common Share and one Warrant upon the satisfaction of certain conditions. Each Warrant entitles the holder thereof to acquire one Warrant Share at a price of C$0.18 until May 12, 2027. Upon completion of the Transactions, the conditions were satisfied, and the Subscription Receipts were automatically converted into 125,000,000 Offering Units. The securities underlying the Offering Units are subject to a statutory four-month hold period expiring on September 13, 2022 in accordance with Canadian securities legislation. The Company will seek to list the Warrants on the TSX Venture Exchange subsequent to the expiry of the hold period.

Consolidation

In light of the current high levels of equity market volatility, the Company has decided to indefinitely postpone the proposed consolidation of its Common Share capital.

About Anfield

Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset centre, as summarized below:

Arizona/Utah/Colorado – Shootaring Canyon Mill

A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.

Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium and vanadium assets include the Slick Rock Project, the Velvet-Wood Project, the Frank M Project, the West Slope Project, as well as the Findlay Tank breccia pipe. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:
Anfield Energy Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

Safe Harbor Statement

THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.