Arianne Phosphate, Saguenay, Quebec, a development-stage phosphate mining company advancing its Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, has announced the appointment of Michael Gentile as a strategic advisor to the company.
His role will be to advise the Board on matters regarding capital markets and its discussions with potential financial partners and investors. He has also purchased 4 million shares of Arianne Phosphate in the open market and secured an option from a private investor allowing him to purchase an additional 2 million shares at $0.75 for a period of 18 months.
Arianne said Gentile is considered one of the leading strategic investors in the small- and medium-cap mining sector, owning significant positions in over 15 mining companies. He is currently a strategic adviser to Arizona Metals and Geomega Resources, as well as being a Director of Northern Superior Resources, Roscan Gold, Radisson Mining Resources, and Solstice Gold.
He recently co-founded Bastion Asset Management, an investment management firm based out of Montreal, and was previously a Senior Portfolio Manager with Formula Growth Ltd.
“Michael comes to the company at an important time for us, as the phosphate macro has greatly improved over the last 12 months,” said Brian Ostroff, Arianne President. “With fertilizer and food security becoming a major concern and advancements in phosphate in specialty applications such as the LFP battery, interest in Arianne’s Lac à Paul project has never been stronger. I believe Michael’s involvement will allow us to better capitalize on the environment we are seeing.”
In conjunction with Gentile’s appointment, the company will issue 200,000 options. These options entitle the holder to purchase one common share of the company until June 8, 2024, at a price of $0.53 per share, this being the closing price of the company’s shares on the trading day preceding the date of the grant. The options are subject to a vesting period, and are also subject to regulatory approval.