Canexus Files and Mails Meeting Materials for Upcoming Special Meeting of Shareholders

CALGARY, AB--(Marketwired - January 12, 2017) - Canexus Corporation (TSX: CUS) (the "Corporation" or "Canexus") today announces the SEDAR filing and mailing of the Management Information Circular and Proxy Statement for the February 8, 2017 Special Meeting of Shareholders to approve the acquisition of all of the issued and outstanding shares of the Corporation by an indirect wholly-owned subsidiary of Chemtrade Logistics Income Fund ("Chemtrade") for cash consideration of $1.65 per share, all pursuant to a statutory plan of arrangement (the "Arrangement"). As Canexus announced by press release on December 15, 2016, the Arrangement was unanimously recommended by Canexus' Board.

The Arrangement reflects an enterprise value of approximately $900 million for Canexus. The consideration payable pursuant to the Arrangement represents a premium of 33.1% compared with the unaffected closing price of $1.24 per common share on the Toronto Stock Exchange on September 13, 2016 (the last trading day prior to Chemtrade's public announcement of its initial proposal to acquire Canexus).

All Canexus directors and members of senior management, as well as certain institutional shareholders representing approximately 20% percent of Canexus' common shares, have entered into voting support agreements in connection with the Arrangement.

Subject to the satisfaction of all conditions precedent set out in the Arrangement Agreement dated December 15, 2016 between Chemtrade and Canexus, including the approval of Canexus shareholders and the receipt of all necessary regulatory approvals, the Arrangement is expected to close in the first quarter of 2017.

Special Meeting of Shareholders

Canexus shareholders as of the record date of December 30, 2016, will receive proxy voting materials in advance to vote by proxy or in person at a Special Meeting of Canexus shareholders (the "Meeting") to be held February 8, 2017 at 3:30 p.m. at the Metropolitan Centre in Calgary, Alberta (333 - 4^th Avenue SW).

The Meeting materials will include a Management Information Circular and Proxy Statement (the "Circular") that contains, among other things, details concerning the Arrangement, the reasons for and benefits of the Arrangement, the risks associated with the Arrangement, the requirements for the Arrangement to become effective, the procedure for receiving consideration for common shares, voting at the Meeting and other related matters. Shareholders are urged to carefully review the Circular and accompanying materials as they contain important information regarding the Arrangement and its consequences to shareholders.