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Arianne Phosphate Reports Financial Results for Q4 and YE 2020
Arianne Phosphate Reports Financial Results for Q4 and YE 2020 Canada NewsWire ...
About this update from Arianne Phosphate Inc.
[{"type":"text","content":"\n \n \n \n Arianne Phosphate Reports Financial Results for Q4 and YE 2020\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 \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: OTC (\n \n USA\n \n )\n \n \n \n SAGUENAY, QC,\n \n March 29, 2021\n \n /CNW Telbec/ -\n \n Arianne Phosphate (the \"Company\" or \"Arianne\")\n \n (TSXV: DAN) (OTC: DRRSF) (FSE: 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, reported its financial results for both the three and twelve-month periods ended\n \n December 31, 2020\n \n . All amounts are in Canadian dollars unless noted.\n \n \n \"In spite of the challenges of a multi-year decline in phosphate prices, Arianne has always been able to weather the storm and advance its Lac à Paul project,\" said\n \n Brian Ostroff\n \n , the Company's CEO.   \"This year was not any different and, despite the challenges of the pandemic, Arianne continued to progress its asset towards development.  Now, the tide has turned and, we believe that Arianne is uniquely placed to take advantage of this much improved macro.  Advancing grain prices and a doubling of phosphate fertilizer prices over the last year has once again highlighted the value and importance of our high-quality phosphate asset and, is driving efforts around securing the necessary partners required to develop Lac à Paul.  Additionally, our recent news surrounding the reduction of our debt, has put us on a greatly improved financial footing.  The deal has allowed us to reduce our debt by\n \n $12 million\n \n , cut our annual interest by roughly\n \n $2.5 million\n \n and, extend the maturity of our debt by 5 years.\"\n \n \n \n Post 2020 Highlights\n \n \n \n \n On\n \n March 18, 2021\n \n the Company announced restructuring of its current credit line and loans. For the credit line, the Lender will exercise 26,780,000 warrants into the Company's common shares, thereby reducing...