CHICOUTIMI, QUEBEC–(April 16, 2013) - Arianne Resources Inc. (“Arianne”) (TSX VENTURE:DAN)(FRANKFURT:JE9N)(OTCBB:DRRSF) has been informed by the TSX Venture Exchange that one of the conditions of its previously announced (see press release dated March 20, 2013) re-pricing and extension plan for the 4,000,000 common share purchase warrants (the “Warrants“) issued as part of its private placement in April 2011 (the “Warrant Re-pricing and Extension Plan“) must be amended.
In essence, the TSX Venture Exchange has asked that the pricing of the Warrants be amended based on the fact that the closing price of Arianne’s shares increased after press releases were issued by the corporation following the announcement of the Warrant Re-pricing and Extension Plan.
The TSX Venture Exchange asked Arianne to amend the exercise price of the Warrants for the higher of: (i) $1.19 (the price that was set on March 20, 2013 upon the announcement of the Warrant Re-pricing and Extension Plan) and (ii) a price equal to the 10-day average of the closing price of Arianne’s shares on the TSX Venture Exchange from March 22, 2013. Accordingly, the new exercise price of the Warrants is $1.24. The other terms and conditions of the Warrants remain as announced on March 20, 2013.
Arianne Resources Inc. (www.arianne-inc.com) owns and is developing the Lac a Paul phosphate-titanium deposit that produces a superior grade apatite concentrate grading close to 39% P2O5. The Company currently has 75 M shares issued.
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Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content in this release.