[Ferro-Alloys.com] Anfield Nickel Corp. ("Anfield")  and Cunico Resources N.V. ("Cunico") announced on Apr 24^th that they have entered into an agreement whereby Cunico will acquire Anfield's Guatemalan subsidiary, Mayaniquel S.A., and its Mayaniquel nickel laterite project. Under the agreement, Cunico will acquire Mayaniquel S.A. for a purchase price dependent upon the prevailing nickel price five years from the closing date of the proposed transaction. The transaction is arm's length.

Payment will be made in five annual $3 million installments totalling $15 million (all dollar amounts are in US dollars unless otherwise stated) commencing on closing of the transaction and a final payment of $28 million on the fifth anniversary of the closing date, subject to adjustment 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 (Cdn $62 million).

If the fifth year average nickel price exceeds $30,000/tonne, a bonus adjustment of 15% will be added to the purchase price. For example, if the average price in the fifth year is $30,001 the final payment would be $91 million and the total purchase price would be approximately $106 million (Cdn $117 million).

The average annual nickel price over the last 10 years has been approximately $20,100 per tonne and ranged from a high of $37,230 per tonne in 2007 to a low of $13,800 per tonne in 2004.

Cunico's payment of future purchase price installments will be secured by a pledge on the shares of Mayaniquel S.A. and a pledge by Cunico's marketing subsidiary on certain accounts receivable arising from the sale of processed nickel.

The share purchase agreement provides for, among other things, customary board support and non-solicitation covenants on the part of Anfield (subject to "fiduciary out" provisions that entitle Anfield to consider and accept a superior proposal and a five business day "right to match" any superior proposal in favour of Cunico) as well as a termination fee of $2.15 million in certain circumstances.

• [Editor:Yueleilei]