ANFIELD ENERGY AMENDS CREDIT FACILITY WITH SHAREHOLDER Anfield Energy Inc. has amended the terms of its previously announced credit facility (see the company's news release dated Oct. 6, 2023), with Extract Advisors LLC, as agent of the credit facility. Pursuant to the amendment, Extract consented to the acquisition of the company's proposed acquisition of additional Department of Energy leases in Colorado (see the company's news release dated Jan. 3, 2024), and has agreed to amend to ease certain covenants on the part of the company, including providing greater flexibility in certain corporate transactions without Extract's consent and alleviating the company's working capital requirement.
In consideration for the Amendment and Consent, the Company has agreed to issue 4,000,000 warrants (the "Warrants") to Extract, where each Warrant will entitle Extract to acquire one common share of the company at an exercise price of $0.095 per warrant until September 26, 2028. Extract's Consent and the Amendment are conditional upon the Company's issuance of the Warrants to Extract. The issuance of the Warrants is subject to the approval of the TSX Venture Exchange.