MagIndustries Provides Update on Financing
October 21, 2013 (Source: Marketwired) — MagIndustries Corp. (TSX:MAA) (the “Company” or “MagIndustries”) announced today that it is continuing its negotiations with a proposed lender for the debt required to complete the construction of its proposed 1.2 million tonnes per annum Mengo Potash Project in the Republic of Congo (the “Project”). The Company believes that it has made progress with respect to these negotiations and is currently attempting to finalize the conditions associated with the debt facility. The Company will provide an update on the status of the debt facility if and when final terms have been agreed upon.
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, a project finance loan is necessary for the Project to proceed and there is a risk the Company and its prospective lender may not agree on the terms and conditions for such a loan or that the lender may apply conditions to the loan which cannot be readily met. Additionally, approval for a project finance facility, when or if obtained, 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.
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