Arianne Phosphate (TSXV:DAN,FWB:JE9N,OTCBB:DRRSF) filed its financial statements for the second quarter of 2013. The Company made significant progress on the Feasibility Study of the Lac a Paul phosphate project and in June 2013, the Company filed its Environmental Impact Assessment for the project with the Ministère du développement durable, de l’environnement, de la faune et des parcs for review. In July 2013, Arianne secured financing that raised a total of $7.6 million.
As quoted in the press release:
During the second quarter and through August, 2013, Arianne made significant progress on the Feasibility Study (FS) of the Lac a Paul phosphate project, financing and in other key areas:
- In July, 2013, Arianne secured financing that raised a total of $7.6 million in four separate transactions (see press releases of July 12 and July 29, 2013 for details);
- In June, 2013, the Company filed its Environmental Impact Assessment (EIA) for the Lac à Paul apatite mining project with the Ministère du développement durable, de l’environnement, de la faune et des parcs (MDDEFP) for review (see press release of June 28, 2013 for details). The Company expects to file the final EIA report by the end of 2013;
- In June, 2013, the Company announced the appointment of Mr. Brian Kenny as its new Chief Executive Officer (CEO), effective July 3rd, 2013. Brian is a seasoned project development executive, having most recently overseen the development and completion of more than $10 billion in development projects in the UAE, Saudi Arabia and Western Algeria over 5 years with Dubai Aluminum Co Ltd. Brian is familiar with Québec and the Saguenay region from his experience in aluminum smelting at Alma and other Québec industrial development projects (see press release of June 26, 2013 for details);
- In June, 2013, the Company announced the appointment to its Board of Directors of Dominique Bouchard, of Chicoutimi, Québec and of Steven Pinney, of Minneapolis, Minnesota, U.S.A. Dominique is a 33-year veteran of the Alcan and Rio Tinto organizations, having most recently served as President of Rio Tinto Iron & Titanium until his retirement in May, 2013. Mr. Pinney is a 32-year veteran of the Mosaic Company and Cargill Inc., having most recently served as Senior Vice President of Phosphates and Supply Chain for a Mosiac business unit (see press releases of June 18 and June 10, 2013 for details).
- In May, 2013, the Company held its annual general meeting of shareholders in Montreal, Québec at which time Messrs., Luc Boivin, James Cowley, Marco Gagnon, David DeBiasio, Guthrie Stewart and Siva Pillay were elected to the Board of Directors. Following the meeting, the Board confirmed that Mr. Guthrie Stewart will serve as interim Chairman of the Board. Shareholders also approved changing the Company’s name to Arianne Phosphate Inc.
Arianne Phosphate CEO, Brian Kenny, said:
Arianne continued to make significant progress in a number of key areas in the development of our world-class Lac à Paul phosphate deposit. The Feasibility Study is entering the final stages and we completed a key milestone in filing the EIA”. In regards to the $7.6 million July financing, Mr. Kenny stated: “This transaction was completed in difficult market conditions and with the support of existing lenders and shareholders. It is a significant step forward for Arianne and allows us to gear up for the permitting process and undertakes other key activities that move the project forward.