Business
Arianne Phosphate Reports Corporate and Financial Results for First Quarter 2020
Arianne Phosphate Reports Corporate and Financial Results for First Quarter 2020 C...
About this update from Arianne Phosphate Inc.
[{"type":"text","content":"\n\n\n\nArianne Phosphate Reports Corporate and Financial Results for First Quarter 2020\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, May 21, 2020\n\n\n\nDAN: TSX-V (Canada)JE9N: FSE (Germany) DRRSF: OTC (USA)\n SAGUENAY, QC, May 21, 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, reported its financial results for the three-month period ended March 31, 2020. All amounts are in Canadian dollars unless noted.\n\n \n \n \n \n \n \n\n \nQ1 2020 Financial and Operational Highlights\nIn February 2020, the Company 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. In April 2020, Arianne received the final report from its partners for the optimization of the truck-trailer design. The new design will now allow for a payload of 150Mt as opposed to the original 120Mt of phosphate concentrate providing for greater economies of scale. This increased payload per run will both improve our profitability as we lower our FOB cost at port and, reduce our environmental footprint as Arianne will require fewer trucks to haul the same annual output.Financial SummaryArianne is a development-stage company and, as such, did not generate revenue or positive cash flow in Q1 2020. In the first quarter ended March 31, 2020, the Company incurred net losses of $0.4 million (M) for the three-month period. For the same period in 2019, the net loss incurred was $0.6M for the three-months period.\nOutlookThrough the rest of 2020, Arianne will be focused on the ongoing advancement and development of its Lac à Paul project, namely: \nCo...