Arianne Resources Inc.(the “Company” or “Arianne”) is pleased to announce the acquisition of the Pourvoirie du Lac-Paul (Outfitter). This outfitter holds exclusive hunting and fishing rights on its territory. This acquisition was made ΓÇïΓÇïnecessary by the development of the phosphorus-titanium mining project T Lac Paul.
Indeed, a significant portion of mineral resources and the emplacement for the construction of infrastructure and tailings were on the territory of Lac-Paul Outfitter. Although the work of development of deposits are still held in harmony with the hunting and fishing Outfitters, the Company considered important to acquire all of the latter in order to avoid any conflict of potential use.
The acquisition was made through a private subsidiary owned 100% by Arianne. The Company also announces that most of the outfitting activities will continue as normal. The Company will issue to the seller of the outfitter 386 598 common shares at the price of $1.94 as partial payment for the outfitter plus an amount of $750,000 cash. The transaction is subject to acceptance by regulatory authorities.