Isoenergy to acquire Anfield Energy in $126.8M transaction

IsoEnergy and Anfield Energy announced that they have entered into a definitive agreement pursuant to which IsoEnergy will acquire all of the issued and outstanding common shares of Anfield by way of a court-approved plan of arrangement. Anfield owns 100% of the Shootaring Canyon Mill located in southeastern Utah, United States, one of only three licensed, permitted, and constructed conventional uranium mills in the United States, as well as a portfolio of conventional uranium and vanadium projects in Utah, Colorado, New Mexico, and Arizona. Under the terms of the transaction, Anfield shareholders will receive 0.031 of a common share of IsoEnergy for each Anfield Share held. Existing shareholders of IsoEnergy and Anfield will own approximately 83.8% and 16.2% on a fully-diluted in the-money basis, respectively, of the outstanding ISO Shares on closing of the transaction. The exchange ratio implies consideration of $0.103 per Anfield Share, based on the closing price of the ISO Shares over all Canadian exchanges on October 1, 2024. Based on each company’s 20-day volume weighted average trading price over all Canadian exchanges for the period ending October 1, 2024, the Exchange Ratio implies a premium of 32.1% to the Anfield Share price. The implied fully-diluted in the-money equity value of the Transaction is equal to approximately $126.8M. The arrangement agreement has been unanimously approved at meetings of the board of directors of each of IsoEnergy and Anfield, including, in the case of Anfield, following, among other things, the receipt of the unanimous recommendation of a special committee of independent directors of Anfield. Evans & Evans, Inc. provided an opinion to the special committee of Anfield and Haywood Securities Inc. provided an opinion to the board of directors of Anfield, to the effect that, as of the date of such opinion, the consideration to be received by Anfield shareholders pursuant to the Transaction is fair, from a financial point of view, to the Anfield shareholders, subject to the limitations, qualifications and assumptions set forth in such opinion. The board of directors of Anfield unanimously recommends that Anfield securityholders vote in favor of the transaction. The board of directors of IsoEnergy unanimously recommends that IsoEnergy shareholders vote in favor of the transaction.