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ARIANNE PHOSPHATE REDUCES DEBT AND ISSUES SHARES AS INTEREST PAYMENT
ARIANNE PHOSPHATE REDUCES DEBT AND ISSUES SHARES AS INTEREST PAYMENT Canada NewsWire ...
About this update from Arianne Phosphate Inc.
[{"type":"text","content":"\n \n \n \n ARIANNE PHOSPHATE REDUCES DEBT AND ISSUES SHARES AS INTEREST PAYMENT\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 March 31, 2023\n \n \n /CNW/ -\n \n Arianne Phosphate (the \"Company\" or \"Arianne\")\n \n (TSXV: DAN) (OTC: 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, today is announcing that it will issue 3,899,424 common shares at a price of\n \n $0.5107\n \n per share, in lieu of cash, as its annual interest payment to Mercury Financing Corp. (\"Mercury\") as at,\n \n March 31\n \n , 2023.  As per the Company's announcement of March of 2021, Arianne reached an agreement with Mercury whereby Mercury extended its credit facility, reduced the principal of its loan and, reduced the annual interest rate (\n \n full details of the extension can be found on the Press Release dated\n \n March 18, 2021\n \n \n ).  As part of the agreement with Mercury, Arianne has at its sole option the ability to pay its interest by way of cash or shares and, such cash amount would have been equal to\n \n $1,991,436\n \n . The Company has elected to pay this amount in common shares with these securities issued being subject to a hold period ending\n \n August 1, 2023\n \n .\n \n \n As well, given Arianne's current cash position, the Company has also elected to reduce its outstanding debt with Mercury by\n \n $1,000,000\n \n through a one-time cash payment.  This reduction in debt will allow the Company to save on its annual interest expense and reduce the amount currently owed on its credit facility.\n \n \n \"We are always looking to optimize the resources we have at our disposal,\" said\n \n Brian Ostroff\n \n , President of Arianne.  \"By paying the interest in equity, we continue to maintain a very health...