CALGARY, AB --(Marketwired - February 09, 2017) - Canexus Corporation (TSX: CUS) (the "Corporation" or "Canexus") is pleased to announce that it has obtained a final order from the Court of Queen's Bench of Alberta (the "Court") approving the arrangement pursuant to which an indirect wholly-owned subsidiary of Chemtrade Logistics Income Fund ("Chemtrade") will acquire all of the issued and outstanding common shares of Canexus for cash consideration of $1.65 per common share (the "Arrangement").
Canexus previously announced that shareholders voted to approve the Arrangement at the special meeting of shareholders held on February 8, 2017 (the "Meeting"). 84.51% of the Canexus common shares voted at the Meeting were in favour of a resolution approving the Arrangement.
Having obtained both shareholder and Court approval, closing of the Arrangement will now depend on the timing of regulatory approvals and the satisfaction or waiver of other closing conditions, and is expected to occur before the end of April, 2017.
Copies of the Meeting materials, and certain related documents with respect to the Arrangement, are available on SEDAR at www.sedar.com and on the Corporation's website.
Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers and is committed to Responsible Care® through safe operating practices. Canexus common shares (CUS) and debentures (Series IV - CUS.DB.B; Series V - CUS.DB.C; Series VI - CUS.DB.D) trade on the Toronto Stock Exchange. More information about Canexus is available at www.canexus.ca.
Copies of the Meeting materials and certain related documents are available on SEDAR at www.sedar.com and on the Corporation's website.
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 the completion of the Arrangement. These forward-looking statements are based on certain expectations and assumptions, including assumptions as to the timing of receipt of the necessary regulatory approvals and the time necessary to satisfy the conditions to the closing of the Arrangement. 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.