MagIndustries Corp.

MagIndustries Corp.

November 21, 2011 12:30 ET

MagIndustries Announces Final Approval of the Convertibility of the Evergreen Loan and New Executive Appointments

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2011) - MagIndustries Corp. (TSX:MAA) (the "Company") is pleased to announce full approval of the convertibility of a $50 million loan by Evergreen Resources Holdings Inc. to the Company into common shares of the Company. The conversion of the loan plus accrued interest at $0.1712 per share would result in the issue of 295,770,211 shares of MagIndustries. The conversion would result in Evergreen's ownership interest in MagIndustries increasing from approximately 77% to approximately 86%. At the Special Meeting of Shareholders held on October 25, 2011, the disinterested shareholders of the Company approved the conversion feature, and MagIndustries has now received notification from the Toronto Stock Exchange that it has approved the transaction and the listing of the shares which will be issued on conversion of the loan.

In addition, the Board of Directors of the Company has appointed Fuliang Wang as Vice President, Mining Development and has approved the change of the role of Stephane Rigny from President to Advisor to the Chairman. Mr. Simon LIANG, Chairman of the Board of Directors, remarked "The Board of Directors is very pleased with the continuing development of the senior management of the Company. Dr. Wang's expertise in minerals processing will be of immense value as we move towards construction of the Mengo Potash Project. In addition, Stephane Rigny's long experience with MagIndustries and working within the Republic of Congo makes him an invaluable asset as an adviser to me and the Board of Directors".

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol "MAA". 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,

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, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

Cusip: 55917T 102

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