Arianne Phosphate extends credit facility
SAGUENAY, QUEBEC – (June 30, 2020) – 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, is pleased to announce the extension of its secured credit facilities held with Mercury Financing Corp. (“Mercury”). The extended secured credit facilities are in the aggregate amount of $28,942,259 and will have a maturity of June 15, 2021. These credit facilities will continue to bear interest at an annual rate of 15%, with all interest capitalized through maturity. The Company has also issued Mercury 26,780,000 non-transferable warrants with an exercise price of $0.2466 per share. The warrants are exercisable through June 15, 2021.
“We know and understand the value of this project,” said Brian Ostroff, CEO of Arianne Phosphate. “Events such as the recent Covid-19 outbreak continue to show the importance of security of supply and the interconnectedness of the food chain. Having a large producer of high-purity phosphate in a safe geopolitical jurisdiction is of paramount importance and, we welcome the continued support of our investors as we look to develop our project and unlock its enormous economic and social benefit.”
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 123,198,348 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 firstname.lastname@example.org
Info: Brian Ostroff, C.E.O. Tel. : 514-908-4202 email@example.com