SOURCE: Canexus Corporation

Canexus Corporation

March 10, 2017 09:40 ET

Canexus Announces Completion of the Acquisition by Chemtrade

CALGARY, AB--(Marketwired - March 10, 2017) - Canexus Corporation (TSX: CUS) ("Canexus" or the "Corporation") announces that the acquisition of Canexus by an indirect wholly-owned subsidiary of Chemtrade Logistics Income Fund ("Chemtrade") by way of an arrangement under the Business Corporations Act (Alberta) (the "Arrangement") has been completed.

Under the Arrangement, Chemtrade has acquired all of the issued and outstanding common shares of Canexus for cash consideration of $1.65 per common share.

As required by the indentures governing Canexus' outstanding indebtedness, Chemtrade will commence offers to acquire the Canexus convertible debentures and senior notes within 30 days.

Pursuant to the Arrangement, the common shares of Canexus have been converted into Class A redeemable common shares and are expected to be delisted from the TSX effective at the close of trading on March 13, 2017. Canexus (which will be renamed Chemtrade Electrochem Inc.) will remain a reporting issuer under applicable Canadian securities law for so long as its convertible debentures and senior notes remain outstanding.

Following completion of the Arrangement, the board of directors of Canexus has been replaced and consists of Lucio Di Clemente, Katherine Rethy and Mark Davis.

Copies of certain related documents are available on SEDAR at www.sedar.com

Forward Looking Statements

This news release contains forward-looking statements and information relating to expected future events and financial and operating results of the Corporation and its subsidiaries, including with respect to: expectations regarding delisting of Canexus shares from the TSX, Chemtrade's offers to acquire Canexus convertible debentures and senior notes and Canexus as Chemtrade Electrochem Inc. remaining a reporting issuer. These forward-looking statements are based on certain expectations and assumptions, including assumptions as to the time necessary to satisfy the conditions to the closing of the Transaction. The use of the words "expects", "anticipates", "continue", "estimates", "projects", "should", "believe", "plans", "intends", "may", "will" or similar expressions are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including market and general economic conditions, future costs, treatment under governmental regulatory, tax and environmental regimes and the other risks and uncertainties detailed under "Risk Factors" in the Corporation's Annual Information Form filed on the Corporation's SEDAR profile at www.sedar.com. Management believes the expectations reflected in these forward-looking statements are currently reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Due to the potential impact of these factors, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Any financial outlook information contained in this news release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than those for which it is disclosed herein

Contact Information

  • For further information, please visit www.chemtradelogistics.com or contact Chemtrade Logistics at:

    Mark Davis
    President and CEO
    Tel: (416) 496-4176

    Rohit Bhardwaj
    Vice-President, Finance & CFO
    Tel: (416) 496-4177