-former Nutrien Ltd. CEO of Nitrogen & Phosphate to act as a strategic advisor
SAGUENAY, QUEBEC – (November 29, 2022) – Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: DAN; OTC: DRRSF; FRANKFURT: JE9N), a development-stage phosphate mining company, advancing its Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, is pleased to announce that Dr. Raef Sully has joined the Company as a strategic advisor. Dr. Sully comes to Arianne as a 10-year veteran of Nutrien Ltd. (and its predecessor Potash Corp.), having most recently served as its Executive Vice President and CEO of their nitrogen and phosphate divisions. As head of these divisions, Dr. Sully was responsible for the leadership of its sizeable workforce and multi-billion-dollar revenue and EBITDA streams. Previous to his role at Nutrien Ltd., Dr. Sully was with Bain & Company in both Sydney, Australia and Houston, Texas.
“During my time in the industry, I have watched Arianne and am impressed with what the project has become,” said Dr. Sully. “Today, aside from the excellent quality fertilizer it will produce, I am particularly excited about its opportunity in emerging industrial and battery applications. Arianne’s ability to produce such a high-purity concentrate will provide the Company a significant opportunity in these specialty markets. I believe that my experience with large-scale development, along with my industry contacts and knowledge should help Arianne unlock its significant potential.”
Dr. Sully will be beginning his role with Arianne immediately, interfacing with the Company’s management as they pursue their ongoing discussions with potential partners and off-takers. Arianne owns the Lac à Paul phosphate project in Quebec and has demonstrated the ability to produce a very high-purity/low-contaminant concentrate suitable for use in both fertilizer and specialty applications, such as the lithium-iron phosphate (“LFP”) battery.
“We are very excited to have Raef on the team and he comes with a wealth of experience and contacts,” added Brian Ostroff, President of Arianne Phosphate. “Knowing Raef over the years in his previous roles, I believe his guidance will be invaluable to our ongoing discussions. As well, coming from the perspective of a larger producing company, he will have interesting insight into where our product will be most needed.”
In conjunction with Dr. Sully’s appointment, the Company will issue 200,000 options. These Options entitle him to purchase one common share of the Company until November 29, 2024 at a price of $0.355 per share, this being the closing price of the Company’s shares on the trading day preceding the date of the grant. As well, the Company has granted 400,000 options to members of the Board of Directors. Each Option entitles the holder to purchase one common share of the Company until November 29, 2032 at a price of $0.355 per share, this being the closing price of the Company’s shares on the trading day preceding the date of the grant. These Options are all subject to respective vesting periods and subject to regulatory approval.