“2015 was a tremendous year for Arianne as we hit on all of our major milestones,” said Brian Ostroff, CEO of Arianne Phosphate.
Arianne Phosphate, a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, has reported its 1Q16 financial and operating results.
Financial and operational highlights
Appointed Jean Lamarre to the Company’s Board of Directors as Chairman. Mr. Lamarre’s experience in international business development, finance, and corporate strategy will be significant as Arianne progresses with the development of its Lac à Paul project.
Named Brian Ostroff as the Company’s CEO. Mr. Ostroff’s past experience in finance and corporate structuring will help Arianne as it pursues both strategic partnerships and securing the necessary financing to develop the Lac à Paul project.
Advanced discussions with potential corporate, strategic and financial partners. The discussions centre on determining the types of financing structures and amounts of financing needed to begin construction of the Company’s Lac à Paul project.
Contributed to the port facilities project being carried out by the Port of Saguenay. This work will allow the Port of Saguenay to secure necessary federal government approval for the construction of expanded port facilities.
“2015 was a tremendous year for Arianne as we hit on all of our major milestones,” said Brian Ostroff, CEO of Arianne Phosphate. “With Lac à Paul now fully permitted, our first quarter efforts have been focused on discussions with potential corporate, strategic and financial partners aimed at moving the project towards development, and we are pleased with the interest we have been receiving from those we have been in discussions with. The addition of Mr. Lamarre to our Board as Chairman will also help to accelerate our efforts through 2016.”
Arianne is a development-stage company and, as such, did not generate revenue or positive cash flow in the first quarter. In the period ended March 31, 2016, the Company incurred a net loss of CAN$849 935 or CAN$0.01 per share. This compares to a net loss of CAN$891200 or CAN$0.01 per share for the same period of 2015. The year-over-year decline in net loss was due to a series of measures that the Company implemented to reduce its operating expenses. The Company’s net loss and cash burn in 1Q16 are consistent with other development stage mining companies.
Read the article online at: https://www.worldfertilizer.com/materials-handling/31052016/arianne-phosphate-publishes-1q16-results/