Arianne Resources Inc. Amends the Terms of Certain Warrants and Appoints Siva J. Pillay to the Board of Directors
CHICOUTIMI, QUEBEC--(Marketwire - Mar 20, 2013) - Arianne Resources Inc. (TSX VENTURE:DAN)(JE9N.F)(DRRSF) announces that it intends, subject to regulatory approval, to amend the terms of 4,000,000 common share purchase warrants ("Warrants") issued as part of its private placement in April 2011. Each of the Warrants, which were part of the units being issued, entitled its holder to purchase one common share of Arianne ("Common Share") at an exercise price of $1.50 per Common Share expiring on April 29, 2013. None of the Warrants were exercised since issuance.
The exercise price of the Warrants is amended to $1.19 per Common Share to reflect the average closing price for the ten trading days before the application for repricing. The term of the Warrants is also extended to September 25, 2013 but no other Warrant terms are amended.
The Company will deliver a notice of amendment reflecting the amended exercise price to the registered holders of the Warrants. None of the registered holders are insiders of Arianne.
New Board Director
Arianne Resources is also pleased to announce the appointment of Mr. Siva J. Pillay as director of Arianne.
Mr. Pillay is Chief Financial Officer of Ocean Partners Holdings Limited United Kingdom since 2005. Ocean Partners is a trader of non-ferrous metal ores and concentrates located in the United Kingdom.
Mr. Pillay''s experience, which involves treasury, accounting and risk management functions, as well as Mr. Pillay''s past experience as an independent trade finance arranger and adviser at Devoe Pillay & Company Limited and International Trade Finance Limited, as a Chief Financial Officer of Capital Resources International Limited, where he was responsible for all day-to-day and strategic issues related to the group''s metal, trading, mining and production operations and as senior portfolio manager at Standard Bank London Limited and MeesPierson N.V., will be very valuable for Arianne.
Bernard Lapointe, CEO of the Company commented: "I am pleased to welcome Mr. Pillay at a time when Arianne is experiencing many exciting changes. His financial experience in the metal and mining sectors will be an important asset as we continue to advance our project towards production".
Arianne Resources (www.arianne-inc.com) owns and is developing the Lac à Paul phosphate-titanium deposit that produces a superior grade apatite concentrate grading 40% P2O5. The Company currently has 75 M shares issued.
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