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Palisades Goldcorp Ltd. files early warning report related to acquisition of units of Anfield Energy Inc.

Palisades Goldcorp Ltd. has filed an early warning report in connection with the acquisition of units of Anfield Energy Inc. Each unit consisted of one common share in the capital of Anfield and one common share purchase warrant of Anfield exercisable at 10 cents for a one-year period.

On April 20, 2020, Anfield closed the final tranche of its non-brokered private placement financing pursuant to which Palisades acquired three million units at a price of five cents per acquired unit for total consideration of $150,000.

As at April 15, 2020, Palisades held 6,404,000 common shares, then representing approximately 7.73 per cent of the issued and outstanding common shares on an undiluted basis or 4.86 per cent on a fully diluted basis. In addition, Palisades held five million warrants. During the period April 17, 2020, to April 21, 2020, Palisades disposed of a total of 694,500 common shares at an average price of 12.48 cents per share for aggregate gross proceeds of $86,672.

As a result of the disposition of the disposed shares and the acquisition of the acquired units, together with the dilution from the April, 2020, financing, Palisades currently holds a total of 8,709,500 common shares representing approximately 9.2 per cent of the issued and outstanding common shares on an undiluted basis or approximately 5.6 per cent on a fully diluted basis. Further, Palisades presently holds eight million warrants.

Each warrant held by Palisades entitles the company to purchase one additional common share. An aggregate of (a) 1.25 million warrants expiring April 29, 2022, are exercisable at a price of 30 cents; (b) 3.75 million warrants expiring May 3, 2022, are exercisable at a price of 30 cents; and (c) three million warrants expiring April 20, 2021, are exercisable at a price of 10 cents. If all warrants were exercised, the company would hold 16,709,500 common shares representing approximately 16.28 per cent of Anfield’s then issued and outstanding common shares on an undiluted basis and approximately 10.75 per cent on a then fully diluted basis.

The company’s acquisition and dispositions of common shares was for investment purposes. The company may, as future circumstances may dictate, from time to time, increase or decrease its ownership of Anfield’s securities, whether in transactions over the open market, by privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

This press release is being issued in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated April 22, 2020. The early warning report has been filed on SEDAR under Anfield’s issuer profile. To obtain a copy of the early warning report filed by Palisades, please contact Collin Kettell at 301-744-8744 or by e-mail to collin@palisades.ca, or refer to SEDAR.

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