Arianne Phosphate Inc. said Dec. 20 that it extended the maturity of its C$22.7 million of secured credit facilities held with Mercury Financing Corp. to June 30, 2020.

The credit facilities will continue to bear interest at an annual rate of 15%, with all interest capitalized through maturity.

The company issued Mercury 22,417,458 warrants at 42.5 Canadian cents per share, exercisable through June 30, 2020.

Arianne also closed a C$1.5 million unsecured loan with third-party lenders bearing interest at a rate of 12% per annum and maturing Dec. 19, 2019. Arianne issued the lenders 2,117,646 warrants at an exercise price of 42.5 cents per share, exercisable until the loan maturity date.

Arianne is advancing the Lac à Paul phosphate project in Quebec's Saguenay-Lac-Saint-Jean region.