Arianne Phosphate Inc. (TSXV:DAN,FWB:JE9N,OTCBB:DRRSF) has closed the previously announced private placement of $3,223,714.
As quoted in the press release:
In total, Arianne issued 1,790,952 flow-through shares at a price of $1.80 per flow-through share for total proceeds of Cdn$3,223,714. The Company increased the offering by $2,056,714 in light of high demand.
Arianne Phosphate CEO, Brian Kenny, said:
We are very pleased with the success of this financing and note the participation of directors, officers and other employees as well as the large price premium. We received strong interest from both existing and new shareholders and, as a result, decided to increase the size of the offering. This successful transaction, completed in a short period of time, reflects the continued support of the financial markets and our shareholders towards the development of the world class Lac à Paul Phosphate Rock Mine.