Arianne Phosphate, Saguenay, Quebec, a development-stage phosphate mining company advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, has closed its previously announced bought deal private placement offering of 11,500,000 units of the company issued at C$0.50 per unit for gross proceeds of $5,750,000.
“Arianne’s hard work over the last few years is starting to pay off and is not lost on our supporters,” said Arianne President Brian Ostroff. “The closing of this financing shows that interest in our company is growing and investors are looking to capitalize on the improving macro. It is also an acknowledgement of Arianne’s leading position in the phosphate area.
“With the company now in a very strong financial position, Arianne will accelerate its move towards development,” he added. “Further, with these additional resources, Arianne can continue to expand some of its work in other potential markets for its high-purity phosphate concentrate.”