Arianne Phosphate closes private placement

About this update from Arianne Phosphate Inc.

[{"type":"text","content":"\n\n\n\nArianne Phosphate closes private placement\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, Jan. 2, 2018\n\n\n\nSecures $1.9 million; large participation from current shareholders and insiders\n\nDAN: TSX-V (Canada)JE9N: FSE (Germany)DRRSF: OTC (USA)\n\n\n\nSAGUENAY, QC, Jan. 2, 2018 /CNW Telbec/ - Arianne Phosphate (the \"Company\" or \"Arianne\") (TSX VENTURE: DAN; OTC: DRRSF; FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul phosphate rock project in Quebec's Saguenay-Lac-Saint-Jean region, is pleased to announce that it has closed on a private placement financing for gross proceeds of $1,915,219 (the \"Offering\"). The majority of the financing was subscribed for by current shareholders of Arianne and, included the participation of all of the Company's Board of Directors and several members of the management team.  \n\n\n \n \n\n \n\"I believe that the involvement of some of our largest shareholders in this financing, including that of the Company's Board of Directors and its management, shows a strong understanding of what Arianne has accomplished over the past year and illustrates the growing optimism surrounding the Company's future,\" said Brian Ostroff, CEO of Arianne Phosphate. \"Through 2017, we have been able to advance our project towards development.  Our ongoing project finance discussions involving both financial and strategic parties, as well as offtakers, have been proceeding well and the feedback has been very positive. It is these efforts that will ultimately allow us to unlock the inherent value in our Company and allow investors and stakeholders to be rewarded for their ongoing support of the project.\"\n\nUnder the terms of the Offering, the Company issued 3,040,030 units (the \"Units\") at a price of $0.63 per Unit.  Each Unit is comprised of one common share (a \"Common Share\") and one half of one common share purchase warrant (each whole warrant being a \"Warrant\"). Each Warrant entitles its holder to purchas...

More updates from Arianne Phosphate Inc.