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).