Arianne Phosphate Closes Seconde Tranche of Loan Financing

Arianne Phosphate (TSXV:DAN) has announced that it has closed on a second tranche of a loan financing representing $1.1 million with a number of third party lenders.
As quoted in the press release:

The loan will bear interest at 8%, paid semi-annually and has a maturity of 3 years with the Company having the ability to repay the loan after one year at its option.  As part of the loan, the Company has issued non-transferable warrants in the amount of 800 per $1,000 face value (for a total of 880,000 warrants), with each warrant entitling the holder to purchase one common share of the Company at a price of $1.25 per share for a term of 3 years expiring on October 27, 2019.  Additionally, following the expiry of the regulatory hold period, should the closing price of Arianne’s common shares on the TSX Venture Exchange (the “Exchange”) be equal to or higher than $2 for 10 consecutive days, the Company shall have the right to force the exercise of the warrants by providing the warrant holders with a 30-day notice period, following which the warrants will automatically expire.
In conjunction with this Loan, Arianne paid finder’s fees in the amount of $44,000 and issued 35,200 non-transferable warrants.  Each warrant is exercisable at $0.89 for a period of 3 years.
The securities issued in connection with the Loan are subject to a regulatory four-month and one day hold period expiring on February 28, 2017. The Loan remains subject to the final approval of the Exchange.

Click here to read the full press release.