PhosCan Chemical Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Oct. 23, 2015) - PhosCan Chemical Corp. (TSX:FOS) ("PhosCan" or the "Company") announces that the Board of Directors has decided not to accept the resignation of Mr. Gord McKinnon as a director of the Company. At the shareholders meeting held on July 28, 2015, Mr. McKinnon received fewer votes in favour of his re-election as a director than votes withheld. In accordance with the Company's Majority Voting Policy, Mr. McKinnon submitted his resignation to the Board, which resignation was subject to acceptance or rejection by the Board of Directors. Pursuant to the Policy, the Corporate Governance and Nominating Committee of the Company considered the resignation and made a recommendation to the Board. Both the Committee and the Board determined that, in light of Mr. McKinnon's involvement in the Company's ongoing strategic review process, it was not in the best interests of the Company or its shareholders for Mr. McKinnon to resign. Accordingly, the Board decided not to accept Mr. McKinnon's resignation, such that he will continue as a director of the Company. Mr. McKinnon did not participate in the consideration of his tendered resignation.