DAN: TSX-V (Canada)
JE9N: FSE (Germany)
DRRSF: OTC (USA)
AN AGREEMENT THAT WILL MAXIMIZE ECONOMIC IMPACT ON THE SAGUENAY LAC ST-
SAGUENAY, QC, Oct. 4 2018 /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 project in Quebec’s Saguenay-Lac-Saint-Jean region, is pleased to announce its association with the Saguenay Lac St-Jean Regional Economic Benefits Maximization Committee (CMAX). Referring to 02 Economic Development (02 ED); CMAX is a tool that was put in place to maximize the benefits of large projects. Arianne will benefit from the regional expertise of this group and have access to the expertise of some 2000 Saguenay Lac St-Jean companies.
“This agreement will allow us to work in close collaboration with all regional stakeholders to build and operate our mine at Lac à Paul” said Jean-Sébastien David, Arianne Phosphate’s COO. “As a company created in Saguenay by local people, we are proud to work with local talent,” concluded Mr. David.
“We are pleased to formalize this agreement with Arianne Phosphate Inc. We are confident that we will get the maximum benefits of this project for the region,” says the chairman of the CMAX management committee and prefect of the ”MRC de Lac-Saint-Jean-Est”, Mr. André Paradis.
Arianne announces a 430 000 stock options grant to members of the Board of Directors. Each Option entitles the holder to purchase one common share of the Company until October 03, 2028 at a price of $0.58 per share, this being the closing price of the Company’s shares on the trading day preceding the date of grant. The Options are subject to a three years vesting period under the Plan and the Policy, and are also subject to regulatory approval.
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, 2018. Arianne has elected to extend the expiry date of the Warrants to October 15, 2019. No other Warrant terms are amended. Arianne will deliver a notice of extension to the registered holders of the Warrants.
Jean-Sébastien David, P.Geo., Qualified Person by NI 43-101, has approved this release. Mr. David is also the Company’s Chief Operating Officer.