Anfield Announces Closing of Sale of Mayaniquel S.A. to Cunico Resources N.V.
17 Juni 2014 - 4:29PM
Marketwired
Anfield Announces Closing of Sale of Mayaniquel S.A. to Cunico
Resources N.V.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 17, 2014) -
Anfield Nickel Corp. ("Anfield") (TSX-VENTURE:ANF) announced today
that it closed its previously announced sale of Anfield's
Guatemalan subsidiary, Mayaniquel S.A. and its Mayaniquel nickel
laterite project, to Cunico Resources N.V. (the "Transaction").
Upon closing of the Transaction, Anfield received the first of
five $3 million cash payments comprising the purchase price. The
remaining installment payments will be made in four annual $3
million installments totaling $12 million (all dollar amounts are
in US dollars unless otherwise stated) commencing on June 16, 2015.
A final payment will be made on June 16, 2019 based on the
following formula: (Year 5 average nickel price / $14,000 x $43
million) - $15 million. For example, if the average nickel price in
the fifth year following closing is the current price of
$18,364/tonne, the final payment would be $41.4 million and the
total purchase price would be approximately $56.4 million (Cdn $61
million).
If the fifth year average nickel price exceeds $30,000/tonne, a
bonus adjustment of 15% will be added to the purchase price. For
example, if the average price in the fifth year is $30,001 the
final payment would be $91 million and the total purchase price
would be approximately $106 million (Cdn $117 million).
The average annual nickel price over the last 10 years has been
approximately $20,100 per tonne and ranged from a high of $37,230
per tonne in 2007 to a low of $13,800 per tonne in 2004.
Cunico's payment of future purchase price installments is
secured by a pledge on the shares of Mayaniquel S.A., a pledge by
Cunico's marketing subsidiary on certain accounts receivable
arising from the sale of processed nickel, and a guarantee from
Cunico's subsidiary for performance of all payment and performance
obligations of Cunico pursuant to the Share Purchase Agreement
between Cunico and Anfield dated April 23, 2014.
Full details of the Transaction are included in the share
purchase agreement, the information circular dated May 9, 2014 and
certain related documents and agreements, all of which are
available at the SEDAR website at www.sedar.com under Anfield's
profile.
About Cunico Resources
N.V.
Cunico Resources N.V. is an Amsterdam, Netherlands domiciled
international mining and metallurgical company, engaged in the
exploration, mining and production of ferro-nickel. It is the
largest ferro-nickel producer in Europe and the fourth largest in
the world.
About Anfield Nickel
Corp.
Anfield is a Vancouver mineral exploration company. Anfield's
shares are traded on the Toronto Stock Exchange (Venture Exchange)
and the company has 43,401,966 shares issued and outstanding and
46,591,966 issued and outstanding on a fully diluted basis.
Anfield Nickel Corp.
David Strang, Chairman
CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information
and statements contained in this news release that are not
historical facts are "forward-looking information" or
"forward-looking statements" within the meaning of applicable
Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995, respectively, and involve
risks and uncertainties. Examples of forward-looking information
and statements contained in this news release include information
and statements with respect to:
- the amount, timing and payment of the purchase price
installments from Cunico to Anfield;
- Anfield's use of the proceeds from the sale of Mayaniquel
S.A.;
- whether Anfield will identify and invest in mineral
development projects post-closing; and
- whether an active or liquid market for Anfield's common
shares will develop or be sustained after closing of the
transaction.
In certain cases, forward looking information can be
identified by the use of words such as "is expected", "proposed" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions, events or results, "would", "will be" or "expected
to" be taken, occur or be achieved.
Various assumptions or factors are typically applied in
drawing conclusions or making the forecasts or projections set out
in forward-looking information and statements. In some instances,
material assumptions and factors are presented or discussed in this
news release in connection with the statements or disclosure
containing the forward-looking information and statements. You are
cautioned that the following list of material factors and
assumptions is not exhaustive. The factors and assumptions include,
but are not limited to, assumptions concerning: nickel prices;
currency exchange rates; and the receipt of regulatory and other
approvals.
Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors which could
cause actual events or results to differ materially from those
expressed or implied by the forward-looking statements, including,
without limitation:
- risks relating to nickel, iron and other mineral price
fluctuations;
- risks relating to currency exchange rate
fluctuations;
- risks of Cunico defaulting on future purchase price
installments;
- risks as to the enforceability of Anfield's security for
payment of future purchase price installments; and
- risks that prospective mineral development projects cease
to be available for investment by Anfield.
This list is not exhaustive of the factors that may affect
the forward-looking information and statements contained in this
news release. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward looking information and statements. The forward looking
information and statements contained in this news release are based
on beliefs, expectations and opinions as of the date of this news
release. For the reasons set forth above, readers are cautioned not
to place undue reliance on forward-looking information. Anfield
does not undertake to update any forward-looking information and
statements included herein, except in accordance with applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Anfield Nickel Corp.David StrangChairman+ 604 646 1899+ 604 687
7041dstrang@anfieldnickel.com
Anfield Nickel Corp. (TSXV:ANF)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Anfield Nickel Corp. (TSXV:ANF)
Historical Stock Chart
Von Jun 2023 bis Jun 2024