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Arianne Phosphate reports corporate and financial results for first quarter 2021

Press Release

SAGUENAY, QUEBEC – (May 27, 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 and three-month period ended March 31, 2021. All amounts are in Canadian dollars unless noted.

“Momentum continues for the Company as we advance our Lac à Paul project towards development,” said Brian Ostroff, President of Arianne Phosphate.  “Despite a very challenging environment over the last few years, Arianne has been able to persevere and now finds itself in a leading position to take advantage of the turn in the agricultural macro.  Today our project sits as a ‘best of class’ and, with both grain and phosphate prices at multi-year highs, it has allowed conversations with potential financiers and partners to accelerate with an eye towards unlocking the incredible value of Lac à Paul.”

Financial and Operational Highlights
• In March 2021, the Company announced the restructuring of its current credit facility and loans. For the credit facility, the Lender has exercised 26,780,000 warrants into the Company’s common shares, thereby reducing the amount owing under the credit facility from $31,496,897 to $24,892,949, a reduction of $6,603,948. The credit facility was also extended for a period of 5 years with the annual interest rate reduced of 8%. The annual interest can be paid by the Company, at its sole option, either in cash or in common shares of the Company. In conjunction with the extension of the credit facility, the Company issued 32,000,000 warrants at an exercise price of $0.33 per share for a period of 5 years, with these warrants subject to a warrant-blocker. The Company increased the buyback purchase price of the existing production fee granted in favour of the Lender to $11.25M.
• Arianne also announced the conversion of its existing loans and working capital facility. The holders of $5,970,155 of these facilities had their debt converted into common shares of the Company at a price of $0.275 per share. As a result of the debt conversion, the Company issued a total of 21,709,655 common shares to the debt holders. The Company also cancelled 11,028,584 warrants that were originally issued with the loans and working capital facility.
• In April 2021, the Company announced that it had reached an agreement in principle with the Port of Saguenay regarding the future site of a maritime loading facility on the north shore of the Saguenay River.  This Agreement will allow for both the Company and the Port to finalize details surrounding the costs, construction and operations of the facility from which, Arianne will be shipping its phosphate concentrate globally.  The final agreement will cover the use of the facility for an initial period of 30 years, thereafter renewable twice for periods of 10 years.

• In April 2021, Arianne partnered with the Quebec Center of Geomatics (CGQ), to advance research and development on a new method for the design and future monitoring of the Company’s tailings operations.  This work will use geomatic and remote sensing tools combined with artificial intelligence that should greatly improve the safety aspects of Arianne’s operations.

• In May 2021, Arianne announced that Jeffrey Beck will assume the role of Chief Executive Officer and also joined the Board of Directors. Brian Ostroff is becoming President of the Company.

• During the first quarter of 2021, the Company appointed Red Cloud Financial Services and GRA Enterprises to support the work with our investors relations in regard of the quick turn out of the market during the first months of 2021.

• On May 13, Arianne entered into an agreement with a syndicate of underwriters by which the Company will raise $5 Million by issuing 10 Million units of the Company by way of a bought deal private placement.  The units were priced at 50 cents per unit and consist of one common share and one-half common share purchase warrant good for a period of 24 months at an exercise price of 71 cents.

Financial Summary
Arianne is a development-stage company and, as such, did not generate revenue or positive cash flow in Q1 2021. In the first quarter ended March 31, 2021, the Company incurred net losses of $4.4 million (M) for the three-month period. For the same period in 2020, the net loss incurred was $1.8M for the three-months period. The higher losses are explained by borrowing costs that were previously capitalized. Since the Company is currently in a period of raising funding for its project through financing and offtake agreements and is not carrying substantial technical work, the Company has suspended the capitalization of its borrowing costs until further technical work is done on the project. In the first quarter 2021, the Company restructured its debt which created a higher noncash finance cost. These costs are noncash.

Arianne’s Management Discussion and Analysis and condensed consolidated interim financial statements for the three month period ended March 31, 2021 are available on the Company’s website and on SEDAR at www.sedar.com.
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 173,389,469 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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Contact Information:
Source: Jean-Sébastien David, C.O.O. Tel. : 418-549-7316 [email protected]
Info:  Brian Ostroff, President Tel. : 514-908-4202 [email protected]

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