Arianne Extends Loan Financing
SAGUENAY, QUEBEC – (December 18, 2019) – Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: DAN; OTC: DRRSF; FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, has announced that it has extended a loan with various third party lenders (the “Loan”).
The extended loan is in the aggregate amount of $1,690,462 and will have a maturity of June 18, 2021. The loan will bear interest at 12% per annum.
As part of the loan extension, the Company has issued 3,756,583 non-transferable warrants, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.27 per share for a term of 18 months expiring on June 18, 2021. These warrants will replace warrants that were issued as part of the original loan in December 2018 (see Press Release dated December 20, 2018).
“The year has seen continued progress on the part of Arianne as the Company continues to work towards the development of its Lac a Paul project,” said Brian Ostroff, CEO of Arianne Phosphate. “The ongoing support of our investors, along with that of all of our stakeholders, demonstrates the belief that many have in this project. Together we are all working towards unlocking the tremendous social and economic benefits that come when a project of this natures comes into development.”
The securities issued in connection with the extension of the Loan are subject to a regulatory four-month and one day hold period expiring on April 18, 2020. The extension of the Loan remains subject to the final approval of the Exchange.
Jean-Sébastien David, P.Geo., Qualified Person by NI 43-101, has approved this release. Mr. David is also the Company’s Chief Operating Officer.
About Arianne Phosphate
Arianne Phosphate (“Arianne Phosphate Inc.”) (www.arianne-inc.com) is developing the Lac à Paul phosphate deposits located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39% P2O5 with little or no contaminants (Feasibility Study released in 2013). The Company has 111,458,250 shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: Jean-Sébastien David, C.O.O. Tel. : 418-549-7316 email@example.com
Info: Brian Ostroff, C.E.O. Tel. : 514-908-4202 firstname.lastname@example.org