Arianne Phosphate Inc. (TSXV:DAN) announced today that it has closed the first tranche of a private placement financing to raise gross proceeds of $5,631,000. The majority of subscribers were existing shareholders of Arianne.

As quoted in the press release:

As well, directors and officers of the Company subscribed to the Offering for aggregate gross proceeds of $186,000. Of the $5,631,000 raised, $500,000 will be held in escrow pending the filing of certain documents requested by the TSX Venture Exchange (the “Exchange”). A second tranche for up to $2.369M is expected to close in the next few weeks, for total gross proceeds of up to $8M (the “Offering”).

Arianne CEO, Brian Kenny, said:

Today’s financing announcement is encouraging on a number of levels. First, it demonstrates continued support from both our leadership team and existing shareholders to the development of our world-class Lac à Paul Project. It also provides us with the necessary capital to continue timely project advancement, including activities essential to securing the environmental permit and further project optimization.

Click here to read the Arianne Phosphate (TSXV:DAN) press release
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