Canexus Sets Shareholder Meeting for January 31, 2017 in Response to Stirling Requisition

CALGARY, AB--(Marketwired - October 12, 2016) - Canexus Corporation (TSX: CUS) ("Canexus" or the "Corporation") today set January 31, 2017 as the date of the general meeting of shareholders requisitioned by Bermuda-based Stirling Global Value Fund Inc. ("Stirling"). As previously disclosed, at the meeting, shareholders will be asked to vote on a resolution to replace Canexus' incumbent directors with a slate of five new directors nominated by Stirling.

"We are calling the general meeting as requisitioned by Stirling, notwithstanding our firm belief that this campaign represents a costly distraction for the Corporation and its shareholders," said David Collyer, Chairman of Canexus. "We believe it is in our shareholders' best interests to first deal with the hostile takeover bid from Chemtrade Logistics Income Fund and then hold a meeting to vote on Stirling's resolution."

Advisors

Canexus has retained CIBC Capital Markets and The Valence Group as financial advsiors, Stikeman Elliott LLP as legal advisor, Longview Communications Inc. as communications advisor and Kingsdale Shareholder Services as information agent.

Shareholders with questions are encouraged to call Canexus' information agent and strategic shareholder services advisor, Kingsdale Shareholder Services at 1-866-581-0507 or contactus@kingsdaleshareholder.com.

About Canexus

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.

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: the anticipated date of the shareholder meeting, the business to be transacted at such shareholder meeting, the costly and distractive nature of the requisition and the general meeting and the best interests of shareholders being served by the sequencing of the general meeting relative to Chemtrade Logistics Income Fund's takeover bid. 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 for those for which it is disclosed herein.