Mr. Brian Ostroff reports
THE GOVERNMENT OF QUEBEC MAKES A $1.5 MILLION INVESTMENT IN ARIANNE PHOSPHATE
Arianne Phosphate Inc. 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, chief executive officer of Arianne Phosphate. "With executed offtake agreements, permits in place and a strong global awareness of our Lac a Paul asset, I believe that we are making very solid progress towards the development of this mine. The development of Lac a 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 directors. "Arianne Phosphate, the owner of the Lac a 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 40.85 cents per share; this price representing the five-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 months and one day expiring on Sept. 6, 2019. The financing remains subject to the final approval of the exchange.
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 P2O5 with little or no contaminants (feasibility study released in 2013).
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.