Palisades Goldcorp Ltd. Files Early Warning Report Related to Sale of Common Shares of Anfield Energy Inc.

Palisades Goldcorp Ltd. has filed an early warning report in connection with the disposition of common shares of Anfield Energy Inc. The transactions outlined below were effected through the facilities of the TSX Venture Exchange.

On Oct. 31, 2019, Palisades acquired initial ownership and control over an aggregate of 8.8 million common shares and five million common share purchase warrants of Anfield. At that time, the acquired shares represented approximately 11.79 per cent of the issued and outstanding common shares of Anfield on an undiluted basis, or 7.08 per cent on a fully diluted basis.

During the period from Feb. 18, 2020, to April 13, 2020, Palisades disposed of a total of 1,371,000 common shares at an average price of 7.404 cents per share for aggregate gross proceeds of $101,505. As a result of a financing completed by Anfield on Feb. 28, 2020, in which Palisades did not participate, Palisade’s ownership interest in the common shares of Anfield was reduced to 8.96 per cent on an undiluted basis, or 5.64 per cent on a fully diluted basis. In addition, on April 14, 2020, Palisades sold a further 1,025,000 common shares of Anfield at an average price of 9.588 cents per share for aggregate gross proceeds of $99,523.44. As a result of the disposition of these 1,025,000 common shares of Anfield, together with the dilution from the 2020 financing, Palisades now directly holds a total of 6,404,000 common shares of Anfield, representing approximately 7.73 per cent of the issued and outstanding common shares of Anfield on an undiluted basis, or 4.86 per cent on a fully diluted basis.

The number of acquired warrants remain unchanged. Each warrant held by Palisades entitles the company to purchase one additional common share of Anfield at a price of 30 cents. An aggregate of 1.25 million warrants expire on April 29, 2022, and the balance of 3.75 million warrants expire on May 3, 2022. If all acquired warrants were exercised, Palisades would directly own and control 11,404,000 common shares of Anfield, representing 13.76 per cent of Anfield’s then issued and outstanding common shares on an undiluted basis and 8.66 per cent on a then fully diluted basis.

The disposition of the common shares of Anfield was for investment purposes. The company may, depending on market and other conditions, or 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 15, 2020. The early warning report has been filed on SEDAR under Anfield’s issuer profile.

We seek Safe Harbor.