Arianne Closes first tranche of financing

About this update from Arianne Phosphate Inc.

[{"type":"text","content":"\n\n\n\nArianne Closes first tranche of financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSAGUENAY, QC, Feb. 13, 2020\n\n\n\nDAN: TSX-V (Canada)JE9N: FSE (Germany)DRRSF: OTC (USA)\n\n \n \n\n \nSAGUENAY, QC, Feb. 13, 2020 /CNW Telbec/ - Arianne Phosphate (the \"Company\" or \"Arianne\") (TSXV: 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 announced today that it has closed on the first tranche of an equity financing in the amount of $425,025 financing. Under the terms of the financing, Arianne has issued 1,700,100 units at a price of $0.25 per unit. Each unit is comprised of one common share and one-half warrant. Each full warrant entitles the holder to purchase one common share at a price of $0.40 until February 13, 2023. The Company will be closing an additional round of financing.\nDirectors and officers of the Company participated in the Offering and subscribed for an aggregate of 180,000 Units representing an aggregate amount of $45,000. Participation of insiders of the Company in the Offering constitutes a \"related party transaction\" as defined under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (\"Regulation 61-101\"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time.\nIn conjunction with this financing, Arianne has paid finder fees in the amount of $3,000. The securities issued in connection with the financing are subject to a regulatory hold period of four (4) months and one (1) day expiring on June 14, 2020...

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