MBAC Provides Update Regarding Regulatory Matters
TORONTO, ON--(Marketwired - July 11, 2016) - MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX: MBC) has announced today that further to its press release dated June 24, 2016, the Company has received conditional approval from the TSX Venture Exchange (the "TSXV") to list its common shares and warrants (collectively, the "Securities"). MBAC's trading symbol will remain "MBC".
The Securities will be delisted from the Toronto Stock Exchange ("TSX") effective at the close of market on July 11, 2016 and will be listed on the TSXV at the opening of markets on July 12, 2016. Trading in the Securities of MBAC has been suspended since April 5, 2016, on which date the Company announced a proposed restructuring under the Companies' Creditors Arrangement Act the (the "Recapitalization") (as further described in the press release of the Company dated April 5, 2016), and will remain suspended until the Company satisfies certain conditions of the TSXV, including implementation of the Recapitalization. There can be no assurance that the Company will complete the proposed Recapitalization.
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements related to activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, statements concerning the Company's expectations regarding its ability to implement the Recapitalization and otherwise satisfy the conditions for trading on the TSXV. Forward-looking statements are often identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statements are made, and forward-looking statements involve known and unknown risks, uncertainties and other factors may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to, actions taken by creditors of the Company, shareholders, regulators, governmental agencies and other stakeholders to enforce their rights; the Company's ability to finalize a plan under the Recapitalization on the terms contemplated, if at all; the Company's ability to complete the Recapitalization in the timeframe contemplated, if at all; the Company's ability to satisfy the conditions for trading on the TSXV; the Company's ability to generate sufficient cash flow from operations or obtain adequate financing to fund its capital expenditures and meeting working capital needs; as well as those factors disclosed in the Company's current Annual Information Form and Management's Discussion and Analysis, as well as other public disclosure documents, available on SEDAR at www.sedar.com.
Although MBAC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. The forward looking statements contained herein are presented for the purposes of assisting investors in understanding the Company's plans, objectives and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, MBAC disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained in this press release to reflect future results, events or developments.
About MBAC
MBAC is focused on becoming a significant integrated producer of phosphate fertilizers and related products in the Brazilian market. MBAC has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance within Brazil. MBAC owns and operates the Itafós Arraias SSP Operations, which consists of an integrated fertilizer producing facility comprised of a phosphate mine, a mill, a beneficiation plant, a sulphuric acid plant, an SSP plant and a granulation plant and related infrastructure located in central Brazil ("Itafós Operations"). The Itafós Operations are estimated to have production capacity of approximately 500,000 tonnes of SSP per annum. MBAC's exploration portfolio includes a number of additional exciting projects, which are also located in Brazil. The Santana Phosphate Project is a high-grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Pará State.
Contact
FOR FURTHER INFORMATION, PLEASE CONTACT:
MBAC Fertilizer Corp.
investor@mbacfert.com
www.mbacfert.com
