Arianne Phosphate Inc. (TSXV:DAN) announced a private placement on a bought deal basis of 10,000,000 units at a price of CAD 0.5 per unit for gross proceeds of CAD 5,000,000 on May 13, 2021. Each unit shall consist of one common share and one-half of one transferable common share purchase warrant. Each warrant shall be exercisable into one additional common share of the company for 24 months from the closing date at an exercise price of CAD 0.71. The company has granted the underwriters an option to cover over-allotments, which will allow the underwriters to offer up to an additional 15% of the offering, on the same terms. The option is exercisable by the underwriters in whole or in part at any time until 48 hours prior to the closing date. The transaction is expected to close on or about June 4, 2021 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange. The shares issued will be subject to a hold period in Canada expiring four months and one day from the closing date of the transaction. The transaction is subject to final acceptance of the TSX Venture Exchange.