Mr. Jean-Sebastien David reports
ARIANNE PHOSPHATE ANNOUNCES ELECTION RESULTS OF ITS 2018 ANNUAL GENERAL MEETING - BOARD OF DIRECTORS REELECTED
Arianne Phosphate Inc.'s shareholders re-elected Dominique Bouchard, Brian Ostroff, James Cowley, David DeBiasio, Marco Gagnon, Siva Pillay and Steven Pinney as directors of the company during the annual general meeting of shareholders of the company held on July 10, 2018, in Montreal.
"Interest in the project has definitely picked up," said Brian Ostroff, chief executive officer of Arianne. "For five years, fertilizer prices had been in a fairly steady decline which resulted in a more subdued environment from which to attract potential partners despite the continued advancement of our Lac a Paul project. Since the beginning of the year, however, it seems to be a different story. Phosphate prices have increased more than 20 per cent and the industry seems to have been caught a little flatfooted. The pace of our discussions with potential partners, offtakers and financiers has accelerated with this uptick and we look to capitalize on this change in sentiment to conclude our financing package," said Brian Ostroff, chief executive officer of Arianne.
As well, subject to regulatory approval, Arianne will be extending the term of 2,815,500 common share purchase warrants issued as part of a private placement which closed on July 31, 2014, for gross proceeds of $5,631,000. Each of the warrants, which were part of the units being issued, entitles its holder to purchase one common share of Arianne at an exercise price of $1.25 per common share until July 31, 2018. Arianne has elected to extend the expiry date of the warrants to July 31, 2019. No other warrant terms will be amended. Arianne will deliver a notice of extension to the registered holders of the warrants.
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.
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