07:15 AM EDT, 10/02/2024 (MT Newswires) -- IsoEnergy ( ISENF ) on Wednesday said it will acquire Anfield Energy ( ANLDF ) 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 ( ISENF ) common share for each Anfield share held. Existing shareholders of IsoEnergy ( ISENF ) and Anfield will own about 84% and 16% of the outstanding IsoEnergy ( ISENF ) shares, respectively, at the closing of the deal.

The exchange ratio vales Anfield at $0.103 per share based the IsoEnergy's ( ISENF ) 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 ( ISENF ) CEO Philip Williams.

In connection with the transaction, IsoEnergy ( ISENF ) 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.