DAN: TSX-V (Canada)
JE9N: FSE (Germany)
DRRSF: OTCQX (USA)
SAGUENAY, QC, April 2,
2024 /CNW/ - Arianne Phosphate (the "Company" or
"Arianne") (TSXV: DAN) (OTCQX: DRRSF) (FRANKFURT: JE9N), a
development-stage phosphate mining company, advancing the Lac à
Paul project in Quebec's
Saguenay-Lac-Saint-Jean region, today is announcing that it will
issue 6,080,939 common shares at a price of $0.3229 per share, in lieu of cash, as its annual
interest payment to Mercury Financing Corp. ("Mercury") as at,
March 31, 2024. As part of the
agreement with Mercury, Arianne has at its sole option the ability
to pay its interest by way of cash or shares and, such cash amount
would have been equal to $1,963,535.
The Company has elected to pay this amount in common shares with
these securities issued being subject to a hold period ending
August 1, 2024.
As well, Arianne has been able to negotiate a cap in the amount
it can pay in order to repurchase an additional royalty that was
put in place in March 2021 when the
Company extended its credit facility with Mercury for five years
and lowered the annual interest rate to 8% (see Press Release dated
March 18, 2021). Under the terms of
the extension, an additional royalty was put in place that would
escalate by $0.25/tonne annually
while the credit facility was in place. This additional royalty
could be bought back for $2.25
million for every year the credit facility was in place,
however, Arianne has been able to cap the payment for the
repurchase of this additional royalty to a maximum of $6.75 million.
Additionally, Arianne today is announcing that it has engaged
Impaq Capital Inc. to provide investor relation services to the
Company. Under the terms of the Agreement, Arianne will pay
$5,000/month for a minimum period of
6 months and has issued 150,000 options that are good for a period
of 2 years and exercisable at $0.275.
These options are subject to a vesting period of 25% per quarter
over the first year.
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 196,809,271
shares outstanding.
Qualified Person
Raphael Gaudreault, eng., Qualified Person by NI
43-101, has approved this release. Mr. Gaudreault is also the
Company's Chief Operating Officer.
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 be 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 approval, 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.