Mercury Financing Corp. extended credit facilities with Arianne Phosphate Inc.
MONTREAL, April 1, 2021 / CNW Telbec / – Mercury Financing Corp. (“Mercury”) announces that the March 31, 2021 it extended the current credit facilities of Arianne Phosphate Inc. (“Arianne” and collectively with Mercury, the “Parties”) (the “Transaction”). Extended credit facilities now total $ 24,892,949 and will expire in five years. The credit facilities to Arianne have a reduced annual interest rate equal to 8%, with all interest being capitalized until the end of the facility. In conjunction with the amended credit facility, Mercury received 32,000,000 non-transferable share purchase warrants, exercisable at a price of $ 0.33 per share, valid for a period of 5 years. These warrants are subject to a “warrant blocker” provision whereby Mercury will not have the right to exercise warrants, resulting in Mercury holding more than 19.9% of the issued shares and outstanding Arianne.
As part of the Transaction, Mercury also exercised its 26,780,000 warrants with an exercise price of $ 0.2466 per common share which were to expire on June 15, 2021 to acquire 26,780,000 ordinary shares of Arianne.
Immediately prior to the closing of the Transaction, Mercury held, directly or indirectly, (i) 3,214,000 common shares, representing approximately 2.19% of the outstanding common shares of Arianne and (ii) share purchase warrants common shares authorizing Mercury to purchase 26,780,000 common shares of Arianne (the “Old Warrants”). Assuming the exercise of all old warrants held by Mercury prior to the closing of the transaction, it would have held 29,994,000 common shares, representing, on a partially diluted basis, 17.30% of the common shares of Arianne which would then be issued and in circulation.
Immediately after the closing of the Transaction, Mercury owns, directly or indirectly, (i) 29,94,000 ordinary shares, representing approximately 17.30% of the outstanding ordinary shares of Arianne and (ii) the ordinary share purchase warrants. authorizing Mercury to purchase 32,000,000 common shares of Arianne. (the “Current Warrants”). Assuming the exercise of all current warrants held by Mercury after the closing of the transaction, it would hold 61,994,000 common shares, representing, on a partially diluted basis, 30.19% of the common shares of Arianne which would be then issued and in circulation.
The Transaction is a private transaction that has not taken place on any market or stock exchange.
In accordance with applicable securities laws, Mercury may, from time to time and at any time, acquire additional common shares of Arianne and / or other shares, debt securities or other securities or instruments (collectively, the “ Securities ”) of Arianne on the open market. or otherwise, and Mercury reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, all on the basis of market conditions, Arianne’s business and prospects and other relevant factors.
A copy of the alert report filed by Mercury in connection with the Transaction is available on Arianne’s SEDAR profile. This press release is issued under the early warning provisions of Canadian securities legislation.
SOURCE Mercury Financement Corp.
For more information: Mr. Paul Smith, Mercury Financing Corp., Suite 4 – 210 Governors Square, PO Box 32311, Grand Cayman, KY1-1209, Cayman Islands, Tel. : +1 345 945 7676