Business
MBAC reports Q2 2014 results and operations update
TSX: MBC OTCQX: MBCFF Shares Outstanding: 181,607,492 Fully Diluted: 230,015,572 ...
About this update from Itafos Inc
[{"type":"text","content":"\n\nTSX: MBCOTCQX: MBCFFShares Outstanding: 181,607,492 Fully Diluted: 230,015,572\n\n\n\nTORONTO, Aug. 12, 2014 /CNW/ - MBAC Fertilizer Corp. (\"MBAC\" or the \"Company\") (TSX:MBC and OTCQX:MBCFF) announced today its financial results for the three and six-month periods ended June 30, 2014, and provided a general corporate and operational update on its Itafós Arraias Single Super Phosphate (\"SSP\") Operations (\"Itafós\" or the \"Itafós Operations\"). MBAC's Financial Statements and Management Discussion and Analysis (\"MD&A\") for the quarter ended June 30, 2014 are available on www.sedar.com and on the company's website, www.mbacfert.com.\n\nQ2 2014 HIGHLIGHTS:\n\n\nProduced over 42,500 tonnes of SSP, MBAC's highest quarterly production to date; \nCompleted a bought deal public equity offering, which included significant management and insider participation, for net proceeds of C$19.2 million; \nContinued to make progress on efforts to strengthen the Company's working capital position and extend the senior debt maturities; \nCompleted the securitization of the outstanding balance of the CELTINS receivable receiving total net cash proceeds equivalent to approximately US$6.7 million; \nIncreased firm purchase commitments for FY2014 to approximately 139,000 tonnes of SSP; and \nCommenced initiatives aimed at increasing operating margin, being the sale of one tonne \"big bags\" and the addition of micronutrients to SSP based on customer orders. \nHIGLIGHTS SUBSEQUENT TO QUARTER END \n\n\nThe Company is very pleased to announce it completed negotiations and obtained final approval from a major lender in Brazil for a new credit facility of R$40 million (equivalent of approximately US$18.2 million), which is expected to be partially disbursed within the next several days (the \"Working Capital Facility\"); and \nReceived a proposal from its senior lenders for a debt extension agreement (the \"Senior Lenders' Proposal\") which has been approved by the majority of the Senior Lenders.  The Senior Lenders' Proposal includes deferral of payments of the Company's senior debt. The debt was originally incurred to build and fund the Itafós Operations. The Senior Lenders' Proposal remains subject to final approvals and negotiation of definitive documentation and conditions.\nITAFÓS OPERATIONS UPDATEFor...