Page ContentAnfield Nickel Corp. completes its sale of Mayaniquel S.A. to Cunico Resources N.V. Date closed: 6/16/2014Value: See descriptionOn June 16, 2014, Anfield Nickel Corp. (Anfield) completed the 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 (C$61 million).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.Anfield Nickel Corp., headquartered in Vancouver, British Columbia is a nickel exploration company.Cunico Resources N.V., headquartered in Amsterdam, Netherlands is an international mining and metallurgical company. BLG represented Anfield Nickel Corp. in Canada with a team led by Fred Pletcher, that included Oggy Talic and Sienne Lam (securities and mining), Magnus Verbrugge and Edward Wang (financial services) and Randy Morphy (tax).