The Government of Quebec Makes a $1.5 Million Investment in Arianne Phosphate
Press Release
SAGUENAY, QUEBEC – (May 7, 2019) – 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 that it has closed on a $1.5 million investment from the Government of Quebec by way of private placement into the common shares of Arianne.
“The last six months have been very significant for Arianne as it has advanced its project towards development,” said Brian Ostroff, CEO of Arianne Phosphate. “With executed offtake agreements, permits in place and, a strong global awareness of our Lac à Paul asset, I believe that we are making very solid progress towards the development of this mine. The development of Lac à Paul will strengthen the region’s economy, providing several thousand jobs and pioneering a new long-lasting industry for Quebec. I appreciate the support of the Government in helping us to make this happen and look forward to their continued support as the project moves through the project financing stage.”
“The phosphate industry is one of opportunity and strategic importance for the Province of Quebec,” said Dominique Bouchard, executive chairman of the board of director. “Arianne Phosphate, the owner of the Lac à Paul Project, is well placed to pioneer this industry and generate tremendous socio-economic benefits for the region. Further, given the clean and high-quality nature of the phosphate concentrate that will be produced, it is in keeping with the goal of being a good steward of the environment while generating opportunity for all stakeholders.”
Under the terms of the offering, the Government of Quebec is subscribing for 3,671,970 common shares of the Company at a price of $0.4085 per share; this price representing the 5-day volume weighted average price preceding the pricing of the financing. 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 September 6, 2019. The financing remains subject to the final approval of the Exchange.
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 109,475,913 million shares outstanding.
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Contact Information:
Source: Jean-Sébastien David, C.O.O. Tel. : 418-549-7316 j.s.david@arianne-inc.com
Info: Brian Ostroff, C.E.O. Tel. : 514-908-4202 brian.ostroff@arianne-inc.com
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