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Anfield Nickel to raise C$25M, changes name to Anfield Gold, appoints chairman

Anfield NickelCorp. said May 10 that it has changed its name to Anfield Gold Corp.and plans to raise C$25 million.

Additionally, Marshall Koval has been appointed the chairmanof the company.

John Murphy has joined Anfield's board to replace Lyle Braaten,who was appointed vice president of the company's legal division. Currently, Murphyis a director of Claude ResourcesInc.

Anfield will use the net proceeds to pay Troy Resources Ltd.'s unit Reinarda Mineracao Ltda. for theacquisition of a goldprocessing plant, associated equipment and mining fleet at the Andorinhas gold mine in Brazil for US$4.5 millionin August 2015 by Magellan MineralsLtd.

Anfield acquiredMagellan in early May.

The remaining funds will be used to repay Anfield's debt andpay for a feasibility study and development costs at the Coringa gold-silver project in Brazil, and forgeneral working capital.

Anfield will issue up to 30,487,804 common shares in a nonbrokeredprivate placement at 82 cents per share.

The name change will be effective May 11.