MBAC reports Q1 2013 results and provides corporate update

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[{"type":"text","content":"\n\n\n\n\n\nTSX:MBC\nOTCQX:MBCFF\nShares Outstanding:152,029,492\nFully Diluted:161,252,908\n\n\nTORONTO, May 15, 2013 /CNW/ - MBAC Fertilizer Corp. (\"MBAC\" or the \"Company\") (TSX:MBC and OTCQX:MBCFF) announces highlights of its Q1 2013 results and provides a general\n corporate update including an update on the Itafós Arraias Single Super\n Phosphate (\"SSP\") Project (\"Itafós\" or the \"Itafós Project\").\n\n\nThe Company is today filing its Financial Statements and Management\n Discussion and Analysis (\"MD&A\") for the quarter ended March 31, 2013\n on www.sedar.com.\n\n\nHighlights for the quarter ended March 31, 2013 include:\n\n\nAchieved approximately 94% completion for the Itafós Project;\n\n\nInvested $70 million in property, plant and equipment and exploration\n activities;\n\n\nCompleted the Updated Itafós Technical Report which provides:\n\n\n47% increase in proven and probable reserves, an increase in mine life\n to approximately 19 years, current project economics and other updates;\n\n\nTotal estimated capital costs of the Project of approximately $323\n million;\n\n\nReceived operating licenses for the water dam, the tailings dam,\n pipelines and the beneficiation plant for the Itafós Project;\n\n\nCompleted a bought deal equity public offering in February 2013 for net\n proceeds of approximately $32.5 million;\n\n\nSold interest in a non-material area of exploration ground 35 kilometres\n from the Santana Phosphate Project for a price of $10 million; and\n\n\nReceived a working capital loan from Banco Itaú BBA for $10 million.\n\n\nHighlights subsequent to quarter end:\n\n\nRaised net proceeds of approximately $48.1 million in a private\n placement of common shares in April 2013; and\n\n\nReceived proceeds in advance for the sale of 15,000 tonnes of the 35,000\n tonnes of SSP ordered during the quarter, all of which are expected to\n be delivered in July and August 2013.\n\n\nITAFÓS PROJECT UPDATE\n\n\nPhysical progress of the construction at the Itafόs Project to date is\n approximately 94% completed.  Highlights of recent progress include:\n\n\nMine construction and preparation have been completed and the mine is\n operational;\n\n\nBeneficiation plant has been commissioned and is operational;\n\n\nPowerline has been completed and is opera...

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