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ARIANNE PHOSPHATE RECEIVES FINAL ACCEPTANCE FOR ITS PREVIOUSLY ANNOUNCED STRATEGIC INVESTMENT FROM A GLOBAL MINING COMPANY
ARIANNE PHOSPHATE RECEIVES FINAL ACCEPTANCE FOR ITS PREVIOUSLY ANNOUNCED STRATEGIC INVESTMENT FRO...
About this update from Arianne Phosphate Inc.
[{"type":"text","content":"\n\n\n\n ARIANNE PHOSPHATE RECEIVES FINAL ACCEPTANCE FOR ITS PREVIOUSLY ANNOUNCED STRATEGIC INVESTMENT FROM A GLOBAL MINING COMPANY\n \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 Canada NewsWire\n \n\n\n\n\n DAN: TSX-V (\n \n Canada\n \n )\n \n\n\n JE9N: FSE (\n \n Germany\n \n )\n \n\n\n DRRSF: OTCQX (\n \n USA\n \n )\n \n\n\n\n SAGUENAY, QC\n \n ,\n \n\n Oct. 17, 2024\n \n\n /CNW/ -\n \n Arianne Phosphate (the \"Company\" or \"Arianne\")\n \n (TSXV: DAN) (OTCQX: DRRSF) (FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in\n \n Quebec's\n \n Saguenay-Lac-Saint-Jean region is pleased to announce that it has received final acceptance from the TSX Venture Exchange for its previously announced financing by way of an unsecured convertible debenture from a global mining company (the \"Strategic Investor\"). Please refer to the news release of\n \n October 10, 2024\n \n for more details about the investment.\n \n\n\n Investment Terms\n \n\n\n Under the terms of the investment, the Strategic Investor purchased a convertible debenture in the principal amount of approximately\n \n C$3.8 million\n \n , that matures in three years and bears interest at 9.5% per annum. Interest payments are added to the principal amount of the convertible debenture, and as a result, no amounts are required to be repaid by Arianne until the maturity of the instrument. The Strategic Investor has the option, at any time, to convert (i) the principal amount of the convertible debenture at a price of\n \n C$0.35\n \n per common share (the \"Conversion Price\"), and (ii) the accrued interest thereon at a price per share equal to the greater of (a) the Conversion Price and (b) the market price at the time the accrued interest is converted, as determined in accordance with the rules of the TSX Venture Exchange. Upon the Strategic Investor reaching an ownership of at least 3.0% of the issued and outstanding common shares of Arianne (either through conversion, open market purchase or otherwise), the Company will enter ...