07:15 AM EDT, 10/02/2024 (MT Newswires) -- IsoEnergy (ISO.TO) on Wednesday said it will acquire Anfield Energy (AEC.V) for about $126.8 million.

Anfield owns 100% of the Shootaring Canyon Mill in southeastern Utah, one of only three licensed, permitted and constructed conventional uranium mills in the U.S., 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 an IsoEnergy common share for each Anfield share held. Existing shareholders of IsoEnergy and Anfield will own about 84% and 16% of the outstanding IsoEnergy shares, respectively, at the closing of the deal.

The exchange ratio vales Anfield at $0.103 per share based the IsoEnergy's closing price on Oct. 1.

"The combined uranium mineral endowment will rank as one of the largest in the U.S., supported by a 100% owned processing facility, multiple fully permitted mines ready for rapid restart, and a strong pipeline of longer-term development projects," said IsoEnergy CEO Philip Williams.

In connection with the transaction, IsoEnergy provided a bridge loan of about $6 million to Anfield, with an interest rate of 15% per annum and a maturity date of April 1, 2025, so the company can meet its obligations until deal closing.

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