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Arianne Resources Inc.(TSXV:DAN) announced entering into a new agreement for a $10 million credit facility. The Company also arranged a $1 million non-brokered private placement.
As quoted in the press release:
Under the terms of the credit facility, Arianne can draw up to Cdn$10 million dollars. The secured credit facility will bear interest at a variable rate equal to 500 basis points over 3-month Canadian LIBOR (currently at 1.298% or 6.298% total) with the interest capitalized through the end of 2013 and maturing on December 31, 2015. Additionally, the Company will issue the lender 4 million warrants, of which 1.5 million warrants have an exercise price of Cdn$0.88/share and 1.5 million warrants at Cdn$1.32/share.
Arianne, Chairman, Bernard Lapointe, commented:
This financing is a significant step forward for Arianne.With this funding committed, we can now focus on accelerating the completion of our bankable feasibility study and securing the necessary permits to develop our world-class Lac a Paul phosphate mining project.
Click here to read the Arianne Resources Inc. (TSXV:DAN) press release
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