|By Marketwired .||
|December 3, 2013 06:00 PM EST||
SAGUENAY, QUEBEC -- (Marketwired) -- 12/03/13 -- Arianne Phosphate (the "Company" or "Arianne") (TSX VENTURE: DAN)(FRANKFURT: JE9N)(OTCBB: DRRSF) is pleased to announce it plans to raise approximately $1.17 million in flow through common shares (the "Flow-Through Shares") for the Company before the end of this year.
Brian Kenny, Chief Executive Officer of the Company, said: "Though a limited financing, it reflects the continued support of the financial markets and our existing shareholders in the Project. Investors continue to show their enthusiasm towards the development of the world class Lac a Paul Phosphate Rock Mine."
The Company will proceed with a non-brokered private placement for gross proceeds of approximately $1.17 Million (the "Offering"). The Offering consists of the issuance of approximately 650,000 Flow-Through Shares at a price of $1.80 per Flow-Through Share.
In connection with the Offering, the Company will pay a cash commission and issue non-transferable warrants in accordance with the policies of The TSX Venture Exchange (the "Exchange"). The Offering is scheduled to close before the end of this year, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Exchange. All securities issued pursuant to the Offering will be subject to a four-month hold period from the date of closing.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
About Arianne Phosphate
Arianne Phosphate ("Arianne Phosphate Inc.") (www.arianne-inc.com) is developing the Lac a Paul Phosphate Rock Mine located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. These mine will produce a high quality igneous apatite concentrate grading 38.6% P2O5 with little or no contaminants. The Company has 81.8 million shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Forward Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to estimated mineral resources, anticipated effect of the completed drill results on the Project, timing of a feasibility study, and timing and expectations of future work programs. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.