SAGUENAY, QUÉBEC--(Marketwired - June 26, 2013) - Arianne Phosphate Inc. (the "Company" or "Arianne") (News - Market indicators)(FRANKFURT:JE9N)(OTCBB:DRRSF) is pleased to announce the appointment of Mr. Brian Kenny as its new Chief Executive Officer, effective July 3rd, 2013.
Brian is a seasoned project development executive, having most recently overseen the development and completion of the 7B$ EMAL smelter project in Abu Dhabi and directed more than $10 billion in development projects in Saudi Arabia, Western Algeria, and Kazakhstan over 5 years with Dubai Aluminium Co Ltd. As Project Director, Brian managed all technical, legal, financial and environmental aspects of the projects. He also arranged project finance, negotiated project agreements, and coordinated with host country government ministries and local agencies.
Prior to his experience with Dubal, Brian directed the design, development, construction, startup and operation of the $4 billion Koniambo nickel project over a 3-year period as President and CEO of Falconbridge New Caledonia and Koniambo Nickel SAS. Again, Brian directed the EPCM teams and all project development activities, including project finance, environmental permitting and liaising with the government of France, New Caledonia and local communities.
Brian also brings more than 30 years' experience with large engineering firms, having served 6 years as President of Bechtel Canada, 5 years as Executive VP of ABB Canada Inc. and more than 20 years with Met-Chem Canada (Québec), including as Managing Director of North American Operations.
An electrical engineer with MS and BS degrees from McGill University, Montréal, and the University College Dublin, and an extensive history as a member of the Ordre des Ingénieurs du Québec, Brian is familiar with Québec and the Saguenay region from his experience in aluminum smelting at Alma and many other Québec industrial development projects. He arrives at Arianne in time to have an impact on the completion of the Company's Feasibility Study in August.
Commenting on the addition of Brian to the Arianne team, Chairman Guthrie Stewart commented "We feel extremely fortunate to have attracted such an experienced and successful international veteran of project development to lead Arianne's development of Lac à Paul." Further that "We are confidant Brian will integrate quickly with the current team working with our COO, Jean-Sébastien David. And we feel that Brian's fundamental knowledge of EPCM contract negotiation and execution, his extensive experience in permitting, construction, startup and operations of mining and smelting projects, and, as well, his hands-on application of sustainable development and impact mitigation principles with local communities make him ideally suited to the tasks ahead for Arianne's management."
Mr. Kenny will receive 400,000 Arianne options (the "Options") in accordance with Arianne's stock option plan and stock option grant policy (the "Policy"). Each Option entitles the holder to purchase one common share of the Company until June 26, 2023 at a price of $1.11 per share, being the closing price of the Company's shares on the trading day preceding the date of grant. The Options are subject to a three-year vesting period under the stock option plan and the Policy, and are also subject to regulatory approval.
Stock Option Plan Amendment
Arianne also announces that its Board of Directors has approved a series of amendments to the Company's stock option plan (the "Plan"), the most material amendments being: (i) conversion of the Plan into a rolling plan pursuant to which the number of common shares which may be reserved for issuance under the Plan will be limited to 10% of the aggregate number of issued and outstanding common shares of the Company at the time of the grant of options; (ii) the Plan will now be administered by the Company's Human Resources and Corporate Governance Committee; and (iii) all options granted under the Plan will, unless otherwise determined by the Board of Directors under the Plan, be subject to a three year vesting period where one third of the options granted will vest every 12 month period following the date of grant.
In accordance with the rules and policies of the TSX Venture Exchange (the "Exchange"), these amendments to the Plan are subject to the approval of the Exchange and to the approval of the Company's shareholders to be obtained at the next annual meeting. Until such approval is obtained, all options granted under the Plan, as amended, will also need to be approved at the next annual meeting of shareholders of the Company.
Arianne Phosphate (www.arianne-inc.com) is developing the Lac à Paul phosphate deposits located approximately 200 km north of the Saguenay Lac-Saint-Jean region of Québec, Canada. These deposits will produce a high quality igneous apatite concentrate grading 39% P2O5 with little or no contaminants. The Company has 77 million shares issued.
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Forward Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to estimated mineral resources, anticipated effect of the completed drill results on the Project, timing of a feasibility study, and timing and expectations of future work programs. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Service Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for either the adequacy or accuracy of this press release.
