DAN: TSX-V (Canada)
JE9N: FSE (Germany)
DRRSF: OTC BB (USA)
SAGUENAY, QC, April 17, 2015 /CNW/ - Arianne Phosphate (the "Company" or "Arianne") (TSX VENTURE: DAN) (FRANKFURT: JE9N) (OTCBB: DRRSF), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec's Saguenay-Lac-Saint-Jean region, has been informed of an intention to seek arbitration (the "Notice") from former consultants claiming a commission resulting from an alleged financing. The claim arises from a one year service contract entered into between the Company and the consultants in June 2010. The consultants claim that they are entitled to receive payment of a commission equal to 5% on a financing of $200M. This alleged financing was never obtained by Arianne. After a review of the Notice, the Company considers this claim to be frivolous and without merit. Arianne will vigorously defend itself against such an unfounded procedure and is presently considering all available actions that it may take against the claimants in order to protect its rights and reputation, including seeking damages.
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 95,325,755 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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Forward Looking Statements and 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"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. 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. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
SOURCE Arianne Phosphate Inc.
For further information: Contact Information: Source: Jean-Sébastien David, C.O.O., Tel: 418-549-7316, [email protected]; Info: Dino Fuoco, C.F.O., Tel: 514-945-9313, [email protected]; Medias : Karyna Tremblay, Community, Relations Coordinator, Tel. : 418-549-7316, [email protected]