Arianne Phosphate Inc. completes $5.75 million bought deal private placement

Counsel to a syndicate of underwriters led by PI Financial Corp.

Lead by

On June 4, 2021, Arianne Phosphate Inc. (TSXV:DAN; OTCQX:DRRSF) (“Arianne Phosphate”), a development-stage phosphate mining company, advancing the Lac a Paul Project in Quebec’s Saguenay-Lac-Saint-Jean region, announced the closing of a bought deal private placement (the “Offering”) of 11,500,000 units (each, a “Unit”) issued at $0.50 per Unit (the “Issue Price”) for gross proceeds of $5,750,000.

Each Unit was comprised of one common share of Arianne Phosphate and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one additional common share (“Warrant Share”) at an exercise price of $0.71 per Warrant Share for a period of 24 months following the closing of the Offering.

The Offering was conducted by a syndicate of underwriters led by PI Financial Corp. and which included Red Cloud Securities Inc.

Miller Thomson advised the syndicate of underwriters with a team comprised of Geoff Clarke, Jonathan Tong, Paul Dimerin and Bikaramjit Sandhu (Capital Markets, Securities & Mining).

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