Anfield Energy Inc (ANLDF)

[Jose Chavez]

As previous announced, on May 12, 2022, Anfield completed a bought deal private placement offering (the “Offering”) of subscription receipts of the Company (“Subscription Receipts”) co-led by Haywood Securities Inc. and Red Cloud Securities Inc. Each Subscription Receipt was sold at a price of C$0.12 for aggregate gross proceeds to the Company of C$15,000,000 and entitled the holder thereof to receive one unit (“Offering Unit”) comprised of one Common Share and one Warrant upon the satisfaction of certain conditions. Each Warrant entitles the holder thereof to acquire one Warrant Share at a price of C$0.18 until May 12, 2027. Upon completion of the Transactions, the conditions were satisfied, and the Subscription Receipts were automatically converted into 125,000,000 Offering Units. The securities underlying the Offering Units are subject to a statutory four-month hold period expiring on September 13, 2022 in accordance with Canadian securities legislation. The Company will seek to list the Warrants on the TSX Venture Exchange subsequent to the expiry of the hold period.