Arianne Resources Inc. (“Arianne” or the “Company”) is pleased to announce the completion of its previously announced private placements for aggregate gross proceeds of $9,250,000. In total, Arianne issued 1,000,000 flow-through shares at a price of $1.25 per share and 8,000,000 units at a price of $1.00 per unit. Each unit is comprised of one (1) common share and one half (1/2) of a common share purchase warrant, each full warrant entitling the holder to subscribe for one (1) common share at a price of $1.50 per share until April 29, 2013.
In these financings, insiders of the Company have subscribed for aggregate gross proceeds of $60,000 and members of the pro group have subscribed for aggregate gross proceeds of $330,000.
The Company paid a cash commission of $647,500 in relation to these private placements and issued 630,000 non transferable share purchase warrants exercisable at a price $1.00 per share until April 29, 2013. All securities issued pursuant to the private placements are subject to a mandatory hold period of four (4) months ending August 30, 2011.
The proceeds of the private placements, combined with existing working capital, will be used by the Company to further the exploration and development programs on its properties and for general working capital.
Canada Phosphate (www.canadaphosphate.com ) is the wholly owned subsidiary of Arianne and develops Lac Paul phosphorus-titanium deposits. These deposits will produce an high quality igneous apatite concentrate grading about 40% P2O5 with little or no contaminant. Arianne (www.arianne-inc.com ) is a Canadian exploration company whose primary mission is to explore and develop gold, silver and other metals deposits in Canada and Mexico . The Company have 64 million shares outstanding.