{"id":2840,"date":"2013-08-28T23:45:00","date_gmt":"2013-08-28T23:45:00","guid":{"rendered":"https:\/\/www.arianne-inc.com\/?post_type=news&p=2036"},"modified":"2022-03-16T02:17:42","modified_gmt":"2022-03-16T02:17:42","slug":"arianne-phosphate-reports-on-second-quarter-fy-2013","status":"publish","type":"post","link":"https:\/\/itremma.com\/arianne\/arianne-phosphate-reports-on-second-quarter-fy-2013\/","title":{"rendered":"ARIANNE PHOSPHATE REPORTS ON SECOND QUARTER FY 2013"},"content":{"rendered":"\n

SAGUENAY, QUEBEC\u2013(August 28, 2013) – <\/strong>Arianne Phosphate (the \u201cCompany\u201d or \u201cArianne\u201d) (TSX\u00a0 VENTURE:DAN), (FRANKFURT:JE9N), (OTCBB:DRRSF) today filed its financial statements for the second quarter of 2013.\u00a0\u00a0<\/p>\n\n\n\n

During the second quarter and through August, 2013, Arianne made significant progress on the Feasibility Study (FS)  of the Lac a Paul phosphate project, financing and in other key areas:  <\/p>\n\n\n\n

– In July, 2013, Arianne secured financing that raised a total of $7.6 million in four separate transactions (see  press releases of July 12 and July 29, 2013 for details);  <\/p>\n\n\n\n

– In June, 2013, the Company filed its Environmental Impact Assessment (EIA) for the Lac \u00e0 Paul apatite  mining project with the Minist\u00e8re du d\u00e9veloppement durable, de l\u2019environnement, de la faune et des <\/em> <\/em>parcs <\/em>(MDDEFP) for review (see press release of June 28, 2013 for details). The Company expects to file the  final EIA report by the end of 2013;  <\/p>\n\n\n\n

– In June, 2013, the Company announced the appointment of Mr. Brian Kenny as its new Chief Executive \u00a0Officer (CEO), effective July 3rd<\/sup>, 2013. Brian is a seasoned project development executive, having most recently overseen the development and completion of more than $10 billion in development projects in the \u00a0UAE, Saudi Arabia and Western Algeria over 5 years with Dubai Aluminum Co Ltd. Brian is familiar with \u00a0Qu\u00e9bec and the Saguenay region from his experience in aluminum smelting at Alma and other Qu\u00e9bec \u00a0industrial development projects (see press release of June 26, 2013 for details); \u00a0<\/p>\n\n\n\n

– In June, 2013, the Company announced the appointment to its Board of Directors of Dominique Bouchard, of \u00a0Chicoutimi, Qu\u00e9bec and of Steven Pinney, of Minneapolis, Minnesota, U.S.A. Dominique is a 33-year veteran of the Alcan and Rio Tinto organizations, having most recently served as President of Rio Tinto Iron & \u00a0Titanium until his retirement in May, 2013. Mr. Pinney is a 32-year veteran of the Mosaic Company and \u00a0Cargill Inc., having most recently served as Senior Vice President of Phosphates and Supply Chain for a \u00a0Mosiac business unit (see press releases of June 18 and June 10, 2013 for details).\u00a0\u00a0<\/p>\n\n\n\n

– In May, 2013, the Company held its annual general meeting of shareholders in Montreal, Qu\u00e9bec at which time Messrs., Luc Boivin, James Cowley, Marco Gagnon, David DeBiasio, Guthrie Stewart and Siva Pillay were elected to the Board of Directors. Following the meeting, the Board confirmed that Mr. Guthrie Stewart will serve as interim Chairman of the Board. Shareholders also approved changing the Company\u2019s name to \u00a0Arianne Phosphate Inc.\u00a0<\/p>\n\n\n\n

Mr. Brian Kenny, Chief Executive Officer of the Company commented: \u201cArianne continued to make significant progress in a number of key areas in the development of our world-class Lac \u00e0 Paul phosphate deposit. The Feasibility \u00a0Study is entering the final stages and we completed a key milestone in filing the EIA\u201d. In regards to the $7.6 million \u00a0July financing, Mr. Kenny stated: \u201cThis transaction was completed in difficult market conditions and with the support of existing lenders and shareholders. It is a significant step forward for Arianne and allows us to gear up for the\u00a0 permitting process and undertakes other key activities that move the project forward.\u201d \u00a0<\/p>\n\n\n\n

Key milestones to come in 2013 include the following:  <\/p>\n\n\n\n

– Completing the Feasibility Study expected in Fall, 2013;  <\/p>\n\n\n\n

– Moving along the EIA process by responding to enquiries with the final document expected to be submitted at  the end of 2013;  <\/p>\n\n\n\n

– Continuing the various steps required to obtain permits required for the operation of the proposed Lac \u00e0 Paul  mine;  <\/p>\n\n\n\n

– Adding new members to the team; and  <\/p>\n\n\n\n

– Organizing additional public consultations to discuss all aspects of the Lac \u00e0 Paul mining project.  Financial Summary  <\/strong><\/p>\n\n\n\n

Second Quarter, FY 2013  <\/em><\/p>\n\n\n\n

The net loss for the three month period ended June 30, 2013 was $1,508,003 compared to a net loss of $756,117 for the same period in 2012.\u00a0\u00a0<\/p>\n\n\n\n

This increased loss in the second quarter 2013 is mainly due to the impact of deferred taxes of $433,204. This amount comes from the expected manner of recovery of the Company\u2019s prospection and evaluation assets as there are indications that its exploration and evaluation assets could be recovered through use rather than though sale.\u00a0 Accordingly, the Company recorded a deferred income tax liability of $433,204 and a corresponding deferred tax expense.\u00a0\u00a0<\/p>\n\n\n\n

The increased loss is also due to higher administrative costs of $298,396 related to the increased level of activity at the\u00a0 Company for the development of the Lac \u00e0 Paul project, increased public consultations with local communities, and increased discussions with shareholders and other stakeholders.\u00a0\u00a0<\/p>\n\n\n\n

The net loss for the quarter also includes $87,275 ($316,488 in 2012) in share-based compensation expense and represents the value of share purchase options granted but not vested.\u00a0\u00a0<\/p>\n\n\n\n

Year to date, FY 2013  <\/em><\/p>\n\n\n\n

The net loss for the six month period ended June 30, 2013 was $3,677,701 compared to a net loss of $1,087,748 for the same period in 2012. This increased loss is mainly due to the impact of deferred taxes of $1,701,781. This amount comes from the expected manner of recovery of the Company\u2019s prospection and evaluation assets as there are indications that its exploration and evaluation assets could be recovered through use rather than though sale.\u00a0 Accordingly, the Company recorded a deferred income tax liability of $1,701,781 and a corresponding deferred tax expense.\u00a0\u00a0<\/p>\n\n\n\n

The increased loss is also due to higher administrative costs of $732,369 related to the increased level of activity at the\u00a0 Company for the development of the Lac \u00e0 Paul project, increased public consultations with local communities, and increased discussions with shareholders and other stakeholders.\u00a0<\/p>\n\n\n\n

The net loss for the six months also includes $143,891 ($319,053 in 2012) in share-based compensation expense and represents the value of share purchase options granted but not vested. In addition, the fair value of marketable securities decreased by $ 46,549 during the second quarter of 2013 as compared with an increase of $117,968 for the same period in 2012.\u00a0\u00a0<\/p>\n\n\n\n

Liquidity  <\/em><\/p>\n\n\n\n

The Company ended the second quarter with cash of $1.1 million and mining tax credit receivables of $3.2 million. \u00a0Based on current spending estimates for the FS, post FS activities including gearing up for the permitting process and future project development, Arianne anticipates it will need additional financing before the end of 2013. The Company expects it will be able to raise the required amount of funds at competitive rates.\u00a0\u00a0<\/p>\n\n\n\n

The Company\u2019s Interim Financial Statements and accompanying management\u2019s discussion and analysis for the quarter ended June 30, 2013 and the year ended December 31, 2012 are available on the Company\u2019s website and on SEDAR\u00a0 at www.sedar.com<\/a>. Unless otherwise noted, all figures in the news release are reported in Canadian dollars.\u00a0\u00a0<\/p>\n\n\n\n

About Arianne Phosphate  <\/strong><\/p>\n\n\n\n

Arianne Phosphate (\u201cArianne Phosphate Inc.\u201d) (www.arianne-inc.com<\/a>) is developing the Lac \u00e0 Paul phosphate deposits located approximately 200 km north of the Saguenay\/Lac St. Jean area of Quebec, Canada. These deposits should produce a high quality igneous apatite concentrate grading 39% P2<\/sub>O5<\/sub> with little or no contaminant. The\u00a0 Company has 79 million shares outstanding.\u00a0\u00a0<\/p>\n\n\n\n

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX  Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  <\/em><\/p>\n\n\n\n

Source<\/strong>: Brian Kenny, CEO Tel: 514-699-7436 brian.kenny@arianne-inc.com<\/a> <\/p>\n\n\n\n

Info: <\/strong>Derek Lindsay, CFO Tel: 514-594-2372 derek@arianne-inc.com<\/a> <\/p>\n\n\n\n

Media: <\/strong>Jean-Philippe C\u00f4t\u00e9 Tel: 514-754-9407 jpcote@bcp.ca<\/a>\u00a0<\/p>\n\n\n\n

Follow Arianne on<\/strong>:  <\/p>\n\n\n\n

Facebook<\/strong>: http:\/\/www.facebook.com\/pages\/Arianne-Resources-Inc\/113071105425184<\/a>\u00a0<\/p>\n\n\n\n

Twitter: <\/strong>http:\/\/twitter.com\/arianne_dan<\/a>\u00a0<\/p>\n\n\n\n

YouTube: <\/strong>http:\/\/www.youtube.com\/user\/ArianneResources<\/a>\u00a0<\/p>\n\n\n\n

Flickr: <\/strong>http:\/\/www.flickr.com\/photos\/arianneresources<\/a>\u00a0<\/p>\n\n\n\n

Resources Investing News: <\/strong>http:\/\/resourceinvestingnews.com\/?s=Arianne<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SAGUENAY, QUEBEC\u2013(August 28, 2013) – Arianne Phosphate (the \u201cCompany\u201d or \u201cArianne\u201d) (TSX\u00a0 VENTURE:DAN), (FRANKFURT:JE9N), (OTCBB:DRRSF) today filed its financial statements for the second quarter of 2013.\u00a0\u00a0 During the second quarter and through August, 2013, Arianne made significant progress on the Feasibility Study (FS)  of the Lac a Paul phosphate project, financing and in other key […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[],"tags":[],"class_list":["post-2840","post","type-post","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/posts\/2840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/comments?post=2840"}],"version-history":[{"count":0,"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/posts\/2840\/revisions"}],"wp:attachment":[{"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/media?parent=2840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/categories?post=2840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itremma.com\/arianne\/wp-json\/wp\/v2\/tags?post=2840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}