DAN: TSX-V (Canada)
JE9N: FSE (Germany)
DRRSF: OTC (USA)
SAGUENAY, QC, Oct. 3, 2017 /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 phosphate rock project in Quebec's Saguenay-Lac-Saint-Jean region, is pleased to announce the expanded roles of two of the Company's directors.
Mr. Dominique Bouchard already directors of Arianne will become Executive Vice Chairman and work closely with Arianne's COO and Chicoutimi based team, taking an active role in many of the day to day activities and assisting with the regional, provincial and national efforts underway. Mr. Bouchard, a long-time veteran of Alcan and Rio Tinto, served most recently as President of Rio Tinto Quebec Iron & Titanium until May of 2013. Mr. Bouchard's activities were based in the Saguenay region, as well as in Montreal and in North America. He resides in the Saguenay region where Rio Tinto remains one of the largest local employer. "I believe I have a lot to add and look forward to assisting the Arianne team in every way possible," said Mr. Bouchard. "My past positions and experience have allowed me to work with many of the same organizations and stakeholders that Arianne is currently dealing with as it advances its Lac à Paul project through to development."
Mr. Siva Pillay will also be taking a more active role, working closely with Arianne's CEO, CFO and advisors in securing project financing. Mr. Pillay is a board member and currently chairs Arianne's audit/finance committee. Mr. Pillay is the Managing Director of Ocean Partners (OP), a global off-taking and commodity trading company and who's past experience in structured project finance and commodity trade finance will bring added depth to Arianne as it looks to conclude on its financing package. "Having been part of many project finance deals and off-take agreements, I look forward to my more active role in the process," said Mr. Pillay. "Many of my current day-to-day OP activities involve discussions surrounding project finance and off-take with the very parties that Arianne is now in discussions with and, to that end, I believe this should be very synergistic."
Both Messrs. Bouchard and Pillay are expected to see their roles increase immediately and will be integrated into Arianne's current management team. "Arianne has been fortunate to have a board that has been involved and supportive of its efforts," said Brian Ostroff, CEO of Arianne Phosphate. "The Company is at a very important stage and having a greater involvement from Dominique and Siva, with their specific experience and network, will be of enormous help towards the advancement of our Lac a Paul project."
Also, subject to regulatory approval, Arianne will extend the term of 1,184,500 common share purchase warrants ("Warrants") issued as part of a private placement which closed on October 16, 2014 for gross proceeds of $2,369,000. Each of the Warrants, which were part of the units being issued, entitles its holder to purchase one common share of Arianne at an exercise price of $1.25 per Common Share until October 15, 2017. Arianne has elected to extend the expiry date of the Warrants to October 15, 2018. No other Warrant terms are amended. Arianne will deliver a notice of extension to the registered holders of the Warrants.
About Arianne Phosphate
Arianne Phosphate ("Arianne Phosphate Inc.") (www.arianne-inc.com) is developing the Lac à Paul phosphate deposits located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high quality igneous apatite concentrate grading 39% P2O5 with little or no contaminants. The Company has 100,530,580 million shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Cautionary Statements Regarding Forward Looking Information
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). Forward-looking information includes, but is not limited to, anticipated quality and production of the apatite concentrate at the Lac à Paul project. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock price; risks related to changes in commodity prices; sources and cost of power facilities; the estimation of initial and sustaining capital requirements; the estimation of labour and operating costs; the general global markets and economic conditions; the risk associated with exploration, development and operations of mineral deposits; the estimation of mineral reserves and resources; the risks associated with uninsurable risks arising during the course of exploration, development and production; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support mining, processing, development and exploration activities; the risks associated with changes in the mining regulatory regime governing the Company; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at Lac à Paul project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issue of common shares; the risk of litigation. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, no material adverse change in commodity prices, exploration and development plans proceeding in accordance with plans and such plans achieving their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
SOURCE Arianne Phosphate Inc.