6.25% facility due Dec. 31, 2017 also includes 7.5 million warrants
By Devika Patel
Knoxville, Tenn., Oct. 8 – Arianne Phosphate Inc. said it secured an C$18.75 million expanded credit facility to supplement its current C$12.5 million facility.
The 6.25% credit facility’s maturity has been extended by two years to Dec. 31, 2017 from Dec. 31, 2015.
In addition, the lender will receive 7.5 million warrants, which are each exercisable until Dec. 31, 2017. Of the warrants, 5 million are exercisable at C$0.86 and the remaining 2.5 million are exercisable at C$1.08. The strike prices are identical and a 25.58% premium to the Oct. 7 closing share price of C$0.86.
At closing, Arianne will pay C$92,246 commitment fee.
The phosphate explorer is based in Saguenay, Quebec.
| Issuer: | Arianne Phosphate Inc.
|
| Issue: | Credit facility
|
| Amount: | C$18.75 million
|
| Maturity: | Dec. 31, 2017
|
| Coupon: | 6.25%
|
| Warrants: | For 7.5 million shares
|
| Warrant expiration: | Dec. 31, 2017
|
| Warrant strike price: | C$0.86 (for 5 million), C$1.08 (for 2.5 million)
|
| Fees: | C$92,246
|
| Pricing date: | Oct. 8
|
| Stock symbol: | TSX Venture: DAN
|
| Stock price: | C$0.86 at close Oct. 7
|
| Market capitalization: | C$73.15 million
|
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