MBAC Fertilizer Reports FY2014 Results

TORONTO, ON--(Marketwired - April 24, 2015) - MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX: MBC) announced today its results for the financial year ended December 31, 2014, and provided a general operational update on its Itafós Arraias Single Super Phosphate ("SSP") Operations ("Itafós" or the "Itafós Operations"). All amounts, unless noted, are in U.S. currency.

The Financial Statements and Management Discussion and Analysis ("MD&A") for the year ended December 31, 2014 are available under the Company's profile at www.sedar.com and from the Company's website, www.mbacfert.com.

2014 HIGHLIGHTS:

• Executed debt extension agreements with its senior lenders permitting deferral of principal and interest payments on project finance and certain working capital loans by up to two years;
• In consultation with its senior lenders, engaged Deutsche Bank AG to act as its financial advisor in connection with the Company's strategic review process with the mandate to help find a definitive solution to the Company's working capital constraints and liquidity requirements;
• Executed and received disbursements from new working capital loans totalling approximately $16.0 million;
• Performance throughout 2014 was impacted by significant working capital constraints, which placed limitation on the Company's ability to purchase consumables and maintain a more adequate spare parts inventory and thereby limited operational efforts;
• Produced 98,533 tonnes of SSP, including approximately 22,000 tonnes in September 2014;
• Generated pre-commercial net revenue of $16.4 million from the sale of SSP;
• Established a daily production record of approximately 1,700 tonnes of SSP, exceeding the expected daily production volume that the Itafós Operations was originally designed for;
• In April 2014, completed a bought deal public equity offering, which included significant management and insider participation, for net proceeds of $17.4 million (C$19.2 million);
• Sold the CELTINS note receivable receiving total net cash proceeds of $6.7 million (R$14.8 million); and
• Implemented a number of initiatives aimed at optimizing performance and reducing annual costs by approximately $4.0 million.

HIGHLIGHTS SUBSEQUENT TO YEAR END: