Anfield Energy (AEC) said Wednesday it has launched a non-brokered private placement offering of up to around 1.1 million of its common shares in the company's capital at CA$6.25 ($4.57) per share for gross proceeds of up to CA$7 million.

The shares will be issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions, Anfield said.

Anfield said that Uranium Energy (UEC) intends to subscribe for up to 1.1 million of its subscription receipts in a concurrent non-brokered private placement for gross proceeds of up to CA$7 million.

Anfield said it intends to use the net proceeds to fund capital commitments to the West Slope Project, Velvet-Wood Project, the Slick Rock Project, and Shootaring Canyon Mill, and for general corporate purposes and working capital.

The offering is expected to close on or about Dec. 31, the company said.