On October 6, 2023, Anfield Energy Inc. completed a $4.3 million credit facility with existing shareholder, Extract Advisors LLC, as agent, on behalf of Extract Capital Master Fund Ltd. (collectively, “Extract”). The credit facility has a maturity date of October 6, 2028 and bears a coupon of the Secured Overnight Financing Rate (“SOFR”) plus 5% per annum, payable semi-annually; provided the effective annualized rate of interest does not exceed an agreed limit. Anfield Energy, with written notice, may elect to capitalize the interest payable on the credit facility semi-annually, in arrears, at a rate of SOFR plus 7%. The credit facility will have an original issue discount of 7%.
In connection with the credit facility, Anfield Energy issued 42,105,263 warrants to Extract, with each warrant entitling the holder to acquire one common share of Anfield Energy at an exercise price of $0.095 per warrant until October 6, 2028.
Cassels acted for Anfield Energy.