On January 2, 2018, Arianne Phosphate Inc. (TSXV:DAN) closed the transaction. The company amended the deal terms. The company will now issue 3,040,030 units at a price of CAD 0.63 per unit for gross proceeds of CAD 1,915,219. If, at any time after four months and one day following the closing date, the trading price of the common shares on the TSX Venture Exchange is equal to or exceeds CAD 1.25 for a period of ten consecutive trading days, as evidenced by the price at the close of market, the company shall be entitled to notify the holders of warrants of its intention to force the exercise of the warrants. Upon receipt of such notice, the holders of the warrants shall have 30 days to exercise the warrants, failing which the warrants will automatically expire. The majority of the financing was subscribed for by current shareholders and, included the participation of all of the company's board of directors and several members of the management team. Directors and officers of the company participated in the transaction and subscribed for an aggregate of 345,530 units representing an aggregate amount of CAD 217,684. The securities issued in connection with the financing are subject to a regulatory hold period of four months and one day expiring on April 30, 2018. The transaction remains subject to the final approval of the Exchange. In conjunction with this transaction, the company has paid finder fees to several agents in the amount of CAD 43,029 and issued 66,800 non-transferable warrants entitling to acquire same number of common shares at a price of CAD 0.63 per share until December 29, 2020. The company has received CAD 92,906 in pursuant to exemption provided under Regulation D.