Arianne Phosphate Inc. (TSXV:DAN) announced today that it has closed the first tranche of a private placement financing to raise gross proceeds of $5,631,000. The majority of subscribers were existing shareholders of Arianne.
As quoted in the press release:
As well, directors and officers of the Company subscribed to the Offering for aggregate gross proceeds of $186,000. Of the $5,631,000 raised, $500,000 will be held in escrow pending the filing of certain documents requested by the TSX Venture Exchange (the “Exchange”). A second tranche for up to $2.369M is expected to close in the next few weeks, for total gross proceeds of up to $8M (the “Offering”).
Arianne CEO, Brian Kenny, said:
Today’s financing announcement is encouraging on a number of levels. First, it demonstrates continued support from both our leadership team and existing shareholders to the development of our world-class Lac à Paul Project. It also provides us with the necessary capital to continue timely project advancement, including activities essential to securing the environmental permit and further project optimization.