Arianne Phosphate Reports Corporate and Financial Results for First Quarter 2019 and Announces Election Results of its 2019 Annual General Meeting DAN: TSX-V ( Canada ) JE9N: FSE ( Germany ) DRRSF: OTC ( USA )
Arianne Phosphate Reports Corporate and
Financial Results for First Quarter 2019 and
Announces Election Results of its 2019 Annual
General Meeting
DAN: TSX-V (
Canada
)
JE9N: FSE (
Germany
)
DRRSF: OTC (
USA
)
SAGUENAY, QC,
May 29, 2019
/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,
reported its financial results for the three-month period ended March 31, 2019. All amounts are in
Canadian dollars unless noted.
"First, I want to thank our shareholders and stakeholders for their support as we continue to
advance our Lac à Paul project towards production," said
Brian Ostroff
, CEO of Arianne
Phosphate. "During the first quarter, we were able to continue to add quality personnel to our Board
and Management, enter into an agency agreement with a prominent Indian fertilizer trader and
receive the continued support of the Government of
Quebec
by way of a further investment in
Arianne. These events continue to support our activities as we pursue our discussions with
offtakers, financiers and potential partners, and thus, move our project towards development and
unlocking the considerable value that comes with it."
Q1 2019 Financial and Operational Highlights
In
March 2019
, the Company announced that it has entered into an agency agreement with
Compagnie Indo Française de Commerce ("CIFC") to market and sell Arianne's high-purity, low-
contaminant phosphate concentrate into the Indian market. Based in
New Delhi, India
,
Compagnie Indo Francaise de Commerce Pvt. Ltd. is a private company founded in 1967.
CIFC's business includes the trading, sale, marketing and supply of critical raw materials to
India
, including fertilizers, agricultural chemicals and animal feeds.
In
February 2019
, the Company announced the appointment of Mr.
Jean Fontaine
to the
Company's Board of Directors. Mr. Fontaine is the Founder and President of JEFO Nutrition
Inc., a global leader in high-performance non-medicated nutritional solutions for animals.
Founded in 1982, JEFO has successfully grown its business and its products are now marketed
in 80 countries.
In
January 2019
, the Company announced the appointment of
Andrew Malashewsky
as its new
Chief Financial Officer ("CFO"). Mr. Malashewsky is replacing Mr.
James Cowley
, who has
been serving as Arianne's interim CFO. Mr. Malashewsky is a Chartered Professional
Accountant and began his career with Grant Thornton LLP before joining JDS Energy & Mining.
Highlights Subsequent to Quarter-End
In
May 2019
, the Company had closed a
$1.5 million
investment from the Government of
Quebec
by way of private placement into the common shares of Arianne. Under the terms of
the offering, the Government of
Quebec
is subscribing for 3,671,970 common shares of the
Company at a price of
$0.4085
per share. The securities issued in connection with the financing
are subject to a regulatory hold period of four (4) months and one (1) day expiring on
September 6, 2019
.
Financial Summary
Arianne is a development-stage company and, as such, did not generate revenue or positive cash
flow in Q1 2019. In the first quarter ended
March 31, 2019
, the Company incurred net losses of
$0.6
for the three-month period. This compares to a net loss of
$0.7M
for the three-month period of
2018.
Liquidity
At
March 31, 2019
, the Company had
$0.8M
cash on hand. These funds will be allocated towards
general working capital and advancing development of Lac à Paul in 2019. Based on current
spending estimates for future project development, Arianne will need additional in the next 12
months.
Outlook
Through the rest of 2019, Arianne will be focused on the ongoing advancement and development of
its Lac à Paul project. Expected milestones include:
Complete partnership and financing arrangements;
Continue to enhance the value of the project through project optimization;
Continue our ongoing dialogue with Stakeholders.
Arianne's Management Discussion and Analysis and condensed consolidated interim financial
statements for the three
month period ended
March 31, 2019
are available on the Company's
website and on SEDAR at
www.sedar.com
.
Arianne is pleased to announce that the company shareholders have reelected Messrs.
Dominique
Bouchard
,
Brian Ostroff
,
James Cowley
,
David DeBiasio
,
Marco Gagnon
, Siva Pillay,
Steven Pinney
,
Claude Lafleur
and
Jean Fontaine
as directors of the Company during the Annual General Meeting of
Shareholders of the Company held on
May 29, 2019
in
Montreal
.
Qualified
Person
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.
About Arianne Phosphate
Arianne Phosphate ("Arianne Phosphate Inc.") (
www.arianne-inc.com
) is developing the Lac à Paul
phosphate deposits located approximately 200 km north of the Saguenay/Lac St. Jean area
of Quebec,
Canada
. These deposits will produce a high quality igneous apatite concentrate grading
39% P
2
O
5
with little or no contaminants (Feasibility Study released in 2013). The Company has
109,475,913 million shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Follow Arianne on:
Facebook:
https://www.facebook.com/ariannephosphate
Twitter:
http://twitter.com/arianne_dan
YouTube:
http://www.youtube.com/user/ArianneResources
Flickr:
http://www.flickr.com/photos/arianneresources
Resource Investing News:
http://resourceinvestingnews.com/?s=Arianne
Cautionary Statements Regarding Forward Looking Information
This news release contains "forward-looking statements" and "forward-looking information"
within the meaning of applicable securities regulations in
Canada
and
the United States
(collectively, "forward-looking information"). Forward-looking information includes, but is
not limited to, anticipated quality and production of the apatite concentrate at the Lac à Paul
project. Often, but not always, forward-looking information can be identified by the use of
words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates",
forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of
such words and phrases or statements that certain actions, events or results "may", "could",
"would", "might", or "will" be taken, occur or be achieved. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such forward-looking information,
including but not limited to: volatile stock price; risks related to changes in commodity
prices; sources and cost of power facilities; the estimation of initial and sustaining capital
requirements; the estimation of labour and operating costs; the general global markets and
economic conditions; the risk associated with exploration, development and operations of
mineral deposits; the estimation of mineral reserves and resources; the risks associated with
uninsurable risks arising during the course of exploration, development and production;
risks associated with currency fluctuations; environmental risks; competition faced in
securing experienced personnel; access to adequate infrastructure to support mining,
processing, development and exploration activities; the risks associated with changes in the
mining regulatory regime governing the Company; completion of the environmental
assessment process; risks related to regulatory and permitting delays; risks related to
potential conflicts of interest; the reliance on key personnel; financing, capitalization and
liquidity risks including the risk that the financing necessary to fund continued exploration
and development activities at Lac à Paul project may not be available on satisfactory terms,
or at all; the risk of potential dilution through the issue of common shares; the risk of
litigation. Forward-looking information is based on assumptions management believes to be
reasonable at the time such statements are made, including but not limited to, continued
exploration activities, no material adverse change in commodity prices, exploration and
development plans proceeding in accordance with plans and such plans achieving their
stated expected outcomes, receipt of required regulatory approvals, and such other
assumptions and factors as set out herein. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in
the forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such forward-looking
information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such forward-looking information. Accordingly, readers
should not place undue reliance on forward-looking information. Forward-looking
information is made as of the date of this press release, and the Company does not
undertake to update such forward-looking information except in accordance with applicable
securities laws.
SOURCE
Arianne Phosphate Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2019/29/c7101.html
%SEDAR: 00003556E
For further information:
Source: Jean-Sébastien David, C.O.O., Tel. : 418-549-7316,
[email protected]; Info: Brian Ostroff, C.E.O., Tel. : 514-908-4202, brian.ostroff@arianne-
inc.com
CO: Arianne Phosphate Inc.
CNW 17:00e 29-MAY-19