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Arianne Amends and Extends Current Credit Facility
Dec. 08, 2017 09:00AM PST
Phosphate InvestingArianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: DAN; OTC: DRRSF; FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, today has announced that it has amended and extended its current secured credit facility (see news release dated October 22, 2015 for more details). The current facility, which was set to mature …
Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: DAN; OTC: DRRSF; FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, today has announced that it has amended and extended its current secured credit facility (see news release dated October 22, 2015 for more details). The current facility, which was set to mature as of December 31, 2017, has now been extended until January 15, 2019.
Brian Ostroff, Arianne’s CEO, said:
“Concluding on the credit facility with current lenders is a strong show of confidence in our efforts and, its limited dilution relative to an equity financing, is of real benefit to Arianne and its shareholders at this time.
With this agreement now in place, Arianne has extended by thirteen months any payments, both interest and principal, associated with its credit facility and can now fully focus on its current discussions with financiers and strategic players without this immediate liquidity concern.”