MBAC Announces Creditor Approval of Restructuring Plan

TORONTO, ONTARIO--(Marketwired - Sept. 20, 2016) - MBAC Fertilizer Corp. (MBAC or the Company) is pleased to announce approval of the Company's plan of arrangement (the Plan) pursuant to the Companies' Creditors Arrangement Act (Canada) (CCAA) at the meeting of affected unsecured creditors (the Meeting) held today. The resolution approving the Plan was approved at the Meeting by a "Required Majority" under the Plan.

MBAC intends to seek an order from the Ontario Superior Court of Justice (Commercial List) sanctioning and approving the Plan (the Sanction Order) at a hearing scheduled to take place on September 29, 2016. Implementation of the Plan is subject to receipt of the Sanction Order and to satisfaction or waiver of certain other conditions precedent set forth in the Plan.

Assuming satisfaction or waiver of the conditions within the expected time frames, the Company anticipates implementing the Plan and completing its previously announced recapitalization transaction (the Recapitalization) in October 2016.

Additional information regarding MBAC's CCAA proceedings is available on the Monitor's website at http://www.ey.com/ca/mbac.

All capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Plan.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, but are not limited to, statements concerning the Company obtaining the Sanction Order, the implementation of the Recapitalization and the Company's future financial condition. Forward-looking statements can be identified by the use of words, such as "are expected", "is forecast", "is targeted", "approximately" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance to be materially different from any future results or performance expressed or implied by the forward-looking statements.