MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

February 09, 2015 09:36 ET

Confidentiality Agreement Signed by Potential Investor in MagIndustries

TORONTO, ONTARIO--(Marketwired - Feb. 9, 2015) - MagIndustries Corp. (TSX:MAA) (the "Company" or "MagIndustries") announced today that it has signed a Confidentiality Agreement (the "CA") with an un-named party that is exploring a potential investment in MagIndustries. Due diligence under the "CA" is currently underway and preliminary discussions have taken place about a potential investment in the Company.

There is no certainty that discussions will advance further or that the two parties will agree upon terms of any particular investment in the assets or securities of MagIndustries.

MagIndustries' principal asset is its 1.2 million tonne per year Mengo Potash Project (the "Project") under construction near Pointe Noire, Republic of Congo.

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on the TSX and trade in Canadian currency under the symbol "MAA". The Company has 755,942,674 common shares outstanding. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, country policy and political risks, currency exchange risk, changing market conditions, force majeure events, and other risks detailed from time-to-time in the Company's ongoing filings. Specifically with respect to this press release, an investment is the Company is subject to due diligence, various national, regulatory and company approvals as well as agreement between the parties on terms and conditions. Project funding is necessary for the Project to proceed and there is a risk the Company and its prospective lenders or investors may not agree on final terms and conditions in the definitive loan or investment documentation. Additionally, approval for Project funding, when or if finalized, may not be in a timeframe that allows the Project to proceed on the expected schedule. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under the Company's continuous disclosure obligations. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

Contact Information

  • Mr. Rich Morrow
    Director, Investor Relations and Corporate Development
    MagIndustries Corp.
    416-368-7911
    rmorrow@magindustries.com