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Arianne Phosphate announces closing of first tranche of $8M private placement
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN TH...
About this update from Arianne Phosphate Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nDAN: TSX-V (Canada)\nJE9N: FSE (Germany)\nDRRSF: OTC BB (USA)\n\n\nSAGUENAY, QC, July 31, 2014 /CNW/ - Arianne Phosphate Inc. (the \"Company\" or \"Arianne\") (TSX VENTURE: DAN)\n (FRANKFURT: JE9N) (OTCBB: DRRSF), a development-stage phosphate company advancing the Lac à Paul\n Phosphate Project in Quebec's Saguenay region, today announced that it\n has closed the first tranche of a private placement financing for gross\n proceeds of $5,631,000 and for which a vast majority of subscribers are\n existing shareholders of Arianne. As well, directors and officers of\n the Company subscribed to the Offering for aggregate gross proceeds of\n $186,000. Of the $5,631,000 raised, $500,000 will be held in escrow\n pending the filing of certain documents requested by the TSX Venture\n Exchange (the \"Exchange\").  A second tranche for up to $2.369M is\n expected to close in the next few weeks, for total gross proceeds of up\n to $8M (the \"Offering\").\n\n\n\"Today's financing announcement is encouraging on a number of levels,\"\n said Brian Kenny, CEO of Arianne. \"First, it demonstrates continued\n support from both our leadership team and existing shareholders to the\n development of our world-class Lac à Paul Project. It also provides us\n with the necessary capital to continue timely project advancement,\n including activities essential to securing the environmental permit and\n further project optimization.\"\n\n\nUnder the terms of the Offering, the Company issued 5,631,000 units (the\n \"Units\") at a price of $1.00 per Unit.  Each Unit is comprised of one\n common share (a \"Common Share\") and one half of one common share\n purchase warrant (each whole warrant being a \"Warrant\"). Each Warrant\n entitles its holder to purchase one common share at a price of $1.25\n per share until July 31, 2016 (being 24 months following the closing\n date). If at any time after four (4) months and one (1) day following\n the closing date, the trading price of the Common Shares on the\n Exchange  is equal to or exceeds $1.75 for a period of twenty (20)\n consecutive trading days, as evidenced by the price at the close of\n market, the Company shall be entitled to notify the holders of Warrants\n of its i...