Anfield Energy Inc. (TSX.V: AEC) (OTCQB: ANLDF) (FRANKFURT: 0AD) announced that it has filed notice of a meeting of shareholders, a management information circular, and related documents (collectively, the “Meeting Materials”) to convene a special meeting (the “Meeting”) of shareholders. The Meeting will take place on March 31, 2025 at 10:00 AM (Vancouver Time). Copies of the Meeting Materials are available for review under the profile for the Company on SEDAR+ (www.sedarplus.ca) and on Anfield’s corporate website (https://anfieldenergy.com).
The Meeting has been convened to seek shareholder approval for a consolidation (the “Consolidation”) of the Company’s common shares (“Shares”) on the basis of one new Share for up to 200 currently issued and outstanding Shares, or such lesser ratio as the directors may deem appropriate. The Company currently has 1,141,372,490 Shares outstanding and, if the Consolidation was completed at the maximum ratio, it would have approximately 5,706,862 Shares outstanding following completion.
The Consolidation is being pursued as a necessary step to qualify for the listing of Anfield’s shares on The Nasdaq Stock Market LLC (“NASDAQ”).
In addition to convening the Meeting and pursuing the Consolidation, Anfield has taken the following steps:
- Engaged US counsel to prepare a US registration statement and NASDAQ listing application;
- Directed Anfield’s auditors to both complete their audit of the Company’s 2024 financial statements and review the Company’s 2023 financial statements under US PCAOB standards; and
- Directed the completion of technical reports for the Velvet-Wood, Slick Rock and West Slope projects under US SK 1300 standards.
Readers are cautioned that while the Company intends to pursue a listing on NASDAQ at this time, it has not yet submitted an application for listing, and completion of a listing is subject to regulatory approvals and the satisfaction of applicable listing requirements. There can be no assurance that a listing will be completed, and the Company may elect not to proceed with a listing at any time. In the event a listing is completed it is contemplated that the Shares would continue to trade in Canada on the TSX Venture Exchange.
Assuming shareholder approval for the Consolidation is received, completion of the Consolidation remains subject to the board of directors determining a final ratio, the satisfaction of applicable public distribution requirements and the approval of the TSX Venture Exchange. Completion of the Consolidation is not contingent upon completion of a listing on NASDAQ, and the Company may elect to complete the Consolidation in advance of any listing. The name of the Company, and its existing ticker symbol, are not expected to change in connection with the Consolidation.
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