Arianne Phosphate Reports Corporate and Financial Results for Q3 2016

Arianne Phosphate (TSXV:DAN) has reported its financial results for the three-and-nine-months ended September 30, 2016.
Brian Ostroff, CEO of Arianne Phosphate said:

With permit now in hand, our efforts have been centered on moving the project towards development. The last nine months has seen an increasing momentum in discussions with potential strategic and financial partners as we look to bring Lac à Paul into production. The closing on recent financings and our exercising of land options at the future site of the port are good examples of the work we are doing and, the support we are receiving, to see this project become a reality.

As quoted in the press release:

Q3 2016 FINANCIAL AND OPERATIONAL HIGHLIGHTS

• The Company has closed on a $3 Million loan with various third party lenders. 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 2,400,000 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 September 28, 2019. Additionally, following the expiry of the regulatory hold period, should the closing price of Arianne’s common shares on the TSX Venture 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.

• The Company has exercised options held on land at Sainte‐Rose‐du‐Nord. The land is projected to be the future site of the port and is required for the development of the maritime terminal as well as the access roads and supporting infrastructure. It is from this site that Arianne will be shipping its high purity phosphate concentrate to customers around the world.

Click here to read the full press release.