DAN: TSX-V (Canada)
JE9N: FSE (Germany)
DRRSF: OTC (USA)
SAGUENAY, QC, Aug. 22, 2019 /CNW
Telbec/ - Arianne Phosphate (the "Company" or
"Arianne") (TSXV: 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 announced today that it has closed
on a $691,050 financing. Under the
terms of the financing, Arianne has issued 1,256,455 units at a
price of $0.55 per unit. Each unit is
comprised of one common share and a half warrant. Each full warrant
entitles the holder to purchase one common share at a price of
$0.75 until August 21, 2021.
In conjunction with this financing, Arianne has paid finder fees
of $30,657 and issued 55,740
non-transferable warrants exercisable at a price of $0.75 per share until August 21, 2021. The securities issued in
connection with the financing are subject to a regulatory hold
period of four (4) months and one (1) day expiring on December 22, 2019. The financing remains subject
to the final approval of the Exchange.
Directors and officers of the Company participated in the
Offering and subscribed for an aggregate of 212,455 Units
representing an aggregate amount of $116,850. Participation of insiders of the
Company in the Offering constitutes a "related party transaction"
as defined under Regulation 61-101 respecting Protection of
Minority Security Holders in Special Transactions ("Regulation
61-101"). The Offering is exempt from the formal valuation and
minority shareholder approval requirements of Regulation 61-101 as
neither the fair market value of securities being issued to
insiders nor the consideration being paid by insiders will exceed
25% of the Company's market capitalization. The Company did not
file a material change report 21 days prior to the closing of the
Offering as the details of the participation of insiders of the
Company had not been confirmed at that time.
Qualified Person
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 111,438,250
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.
Follow Arianne on:
Facebook: https://www.facebook.com/ariannephosphate
Twitter: http://twitter.com/arianne_dan
YouTube: http://www.youtube.com/user/ArianneResources
Flickr: http://www.flickr.com/photos/arianneresources
Resource Investing
News: http://resourceinvestingnews.com/?s=Arianne
Cautionary Statements Regarding Forward Looking
Information
This news release contains "forward-looking statements"
and "forward-looking information" within the meaning of applicable
securities regulations in Canada
and the United States
(collectively, "forward-looking information"). Forward-looking
information includes, but is not limited to,
anticipated quality and production of the apatite concentrate
at the Lac à Paul project. Often, but not always, forward-looking
information can be identified by the use of words such as "plans",
"expects, "is expected", "budget", "scheduled", "estimates",
forecasts", "intends", "anticipates", or "believes", or the
negatives thereof or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might", or "will" be taken, occur or be achieved.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: volatile
stock price; risks related to changes in commodity prices; sources
and cost of power facilities; the estimation of initial and
sustaining capital requirements; the estimation of labour and
operating costs; the general global markets and economic
conditions; the risk associated with exploration, development and
operations of mineral deposits; the estimation of mineral reserves
and resources; the risks associated with uninsurable risks arising
during the course of exploration, development and production; risks
associated with currency fluctuations; environmental risks;
competition faced in securing experienced personnel; access to
adequate infrastructure to support mining, processing, development
and exploration activities; the risks associated with changes in
the mining regulatory regime governing the Company; completion of
the environmental assessment process; risks related to regulatory
and permitting delays; risks related to potential conflicts of
interest; the reliance on key personnel; financing, capitalization
and liquidity risks including the risk that the financing necessary
to fund continued exploration and development activities at Lac à
Paul project may not be available on satisfactory terms, or at all;
the risk of potential dilution through the issue of common shares;
the risk of litigation. Forward-looking information is based on
assumptions management believes to be reasonable at the time such
statements are made, including but not limited to, continued
exploration activities, no material adverse change in commodity
prices, exploration and development plans proceeding in accordance
with plans and such plans achieving their stated expected outcomes,
receipt of required regulatory approvals, and such other
assumptions and factors as set out herein. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such forward-looking
information. Accordingly, readers should not place undue reliance
on forward-looking information. Forward-looking information is made
as of the date of this press release, and the Company does not
undertake to update such forward-looking information except in
accordance with applicable securities laws.
SOURCE Arianne Phosphate Inc.