Mr. Jean-Sebastien David reports

ARIANNE CLOSES FIRST TRANCHE OF FINANCING

Arianne Phosphate Inc. has closed on the first tranche of an equity financing in the amount of $425,025 financing. Under the terms of the financing, Arianne has issued 1,700,100 units at a price of 25 cents per unit. Each unit comprises one common share and one-half warrant. Each full warrant entitles the holder to purchase one common share at a price of 40 cents until Feb. 13, 2023. The company will be closing an additional round of financing.

Directors and officers of the company participated in the offering and subscribed for an aggregate of 180,000 units, representing an aggregate amount of $45,000. Participation of insiders of the company in the offering constitutes a related party transaction as defined under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions. The offering is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to the closing of the offering as the details of the participation of insiders of the company had not been confirmed at that time.

In conjunction with this financing, Arianne has paid finders' fees in the amount of $3,000. The securities issued in connection with the financing are subject to a regulatory hold period of four months and one day expiring on June 14, 2020. The financing remains subject to the final approval of the exchange.

Qualified person

Jean-Sebastien David, PGeo, a qualified person by National Instrument 43-101, has approved this news 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 P2O5 with little or no contaminants (feasibility study released in 2013).

We seek Safe Harbor.