Mr. Jean-Sebastien David reports
ARIANNE PHOSPHATE CONCLUDES AN AGREEMENT WITH THE "CMAX"
Arianne Phosphate Inc. has concluded an agreement with the Saguenay Lac St-Jean Regional Economic Benefits Maximization Committee (CMAX). Referring to 02 Economic Development (02 ED), CMAX is a tool that was put in place to maximize the benefits of large projects. Arianne will benefit from the regional expertise of this group and have access to the expertise of about 2,000 Saguenay Lac St-Jean companies.
"This agreement will allow us to work in close collaboration with all regional stakeholders to build and operate our mine at Lac a Paul," said Jean-Sebastien David, Arianne Phosphate's chief operating officer. "As a company created in Saguenay by local people, we are proud to work with local talent," concluded Mr. David.
"We are pleased to formalize this agreement with Arianne Phosphate Inc. We are confident that we will get the maximum benefits of this project for the region," says the chairman of the CMAX management committee and prefect of the MRC de Lac-Saint-Jean-Est Andre Paradis.
Arianne announces a 430,000-stock-option grant to members of the board of directors. Each option entitles the holder to purchase one common share of the company until Oct. 3, 2028, at a price of 58 cents per share, this being the closing price of the company's shares on the trading day preceding the date of grant. The options are subject to a three-year vesting period under the plan and the policy, and are also subject to regulatory approval.
Also, subject to regulatory approval, Arianne will extend the term of 1,184,500 common share purchase warrants issued as part of a private placement which closed on Oct. 16, 2014, for gross proceeds of $2,369,000. The warrants, which were part of the units being issued, entitle their holder to purchase one common share of Arianne at an exercise price of $1.25 per common share until Oct. 15, 2018. Arianne has elected to extend the expiry date of the warrants to Oct. 15, 2019. No other warrant terms are amended. Arianne will deliver a notice of extension to the registered holders of the warrants.
Jean-Sebastien David, PGeo, qualified person by National Instrument 43-101, has approved this release. Mr. David is also the company's chief operating officer.
About Arianne Phosphate Inc.
Arianne Phosphate is developing the Lac a Paul phosphate deposits located approximately 200 kilometres north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39 per cent phosphorus pentoxide with little or no contaminants (feasibility study released in 2013).
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.