Regions

Arriane closes four transactions to raise US $7.5 million

Close
July 12
12:06 PM 2013

Arianne Phosphate Inc., which is trying to mine the Lac à Paul phosphate deposits in Quebec, Canada, has completed four transactions that will net $7.5 million to finance the project as it enters the final stages of the feasibility study.

In a statement, the company said it entered into a US $2.5 million credit facility with Mercury Financing Corp.; raised another US $2.5 million in offerings (consisting of one common share and one-half common share purchase warrant); US $1.5 million loan on tax credit receivables and another US $1 million in flow-through shares. Each share is offered at $1.45 for two years after the offering is officially closed.

The credit line from Mercury can be withdrawn as often as the need arises, details of the agreement showed.

Arianne president, Jim Cowley, expressed his elation after completing the agreements which not only allow them to forge on with their project but they also represent "the expanded level of commitment" to the company by investors and shareholders.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics