Dominique Bouchard moves to Executive Vice Chairman
SAGUENAY, QUEBEC – (October 3, 2017) – Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: 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.