Arianne Phosphate reports corporate and financial results for first quarter 2020
SAGUENAY, QUEBEC – (May 21, 2021) – 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, reported its financial results for the three-month period ended March 31, 2020. All amounts are in Canadian dollars unless noted.
Q1 2020 Financial and Operational Highlights
• In February 2020, the Company closed on the first tranche of an equity financing in the amount of $425,025 financing. Under the terms of the financing, Arianne has issued 1,700,100 units at a price of $0.25 per unit. Each unit is comprised of one common share and one-half warrant. Each full warrant entitles the holder to purchase one common share at a price of $0.40 until February 13, 2023.
• In April 2020, Arianne received the final report from its partners for the optimization of the truck-trailer design. The new design will now allow for a payload of 150Mt as opposed to the original 120Mt of phosphate concentrate providing for greater economies of scale. This increased payload per run will both improve our profitability as we lower our FOB cost at port and, reduce our environmental footprint as Arianne will require fewer trucks to haul the same annual output.
Financial Summary Arianne is a development-stage company and, as such, did not generate revenue or positive cash flow in Q1 2020. In the first quarter ended March 31, 2020, the Company incurred net losses of $0.4 million (M) for the three-month period. For the same period in 2019, the net loss incurred was $0.6M for the three-months period.
Through the rest of 2020, Arianne will be focused on the ongoing advancement and development of its Lac à Paul project, namely:
• Complete partnership and financing arrangements; • Continue to enhance the value of the project through project optimization; • Continue our ongoing dialogue with Stakeholders.
Arianne’s Management Discussion and Analysis and condensed consolidated interim financial statements for the three-month period ended March 31, 2020 are available on the Company’s website and on SEDAR at www.sedar.com.
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 113,198,350 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