MBAC Reports Q3 2013 Results, Provides Corporate Update and Announces Departure of President and COO as Part of an Ongoing Evaluation of Management Needs

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[{"type":"text","content":"\n\n\nTSX:MBC \nOTCQX:MBCFF \nShares Outstanding:152,029,492 \nFully Diluted:169,049,330\n\n\nTORONTO, Nov. 12, 2013 /CNW/ - MBAC Fertilizer Corp. (\"MBAC\" or the \"Company\") (TSX:MBC) (OTCQX:MBCFF) announces highlights of its quarterly results and provides a general\n corporate update including an update on its Itafós Arraias Single Super\n Phosphate (\"SSP\") Operations (\"Itafós\" or the \"Itafós Operations\") and\n its active projects.\n\n\nThe Financial Statements and Management Discussion and Analysis (\"MD&A\")\n for the three and nine months ended September 30, 2013 are available on\n www.sedar.com.\n\n\n\"We began production at our flagship Itafόs Operations and started\n deliveries of SSP to our customers, continued to see improvements in\n operations and continue to improve our working capital position\", said\n Peter Marrone, Chairman of MBAC.\n\n\nHighlights include:\n\n\n\nCompleted construction of Itafόs;\n\n\nStarted production and delivery of granulated SSP that meets industry\n specifications;\n\n\nThe Company has produced approximately 18,000 tonnes of SSP and\n delivered approximately 12,000 tonnes of SSP to date;\n\n\nInvested US$24.9 million in property, plant and equipment and\n exploration activities;\n\n\nDeferred the repayment terms by up to twelve months with certain lenders\n of the Company as part of the Company's continuing efforts to improve\n liquidity; and\n\n\nExecuted and received disbursements from unsecured loan facilities for\n approximately US$63.5 million from Banco Itaú BBA (\"Itaú\") of which\n US$20.5 million was placed in escrow as cash collateral for future\n principal and interest payments.\n\n\n\nCORPORATE UPDATE\n\n\nOver the last several months the Company has undertaken a continuing\n evaluation of its needs and management strengths and the alignment of\n those strengths and needs.\n\n\nIn April 2013, the Company underwent a significant refocusing of the\n operational management team.  Carlos Braga, Vice President, Technical\n Services, assumed responsibility, and was instrumental, for the final\n stages of construction and the transition to operations at Itafόs. \n Carlos Braga has assumed responsibility for the ongoing operational\n efforts at Itafόs under the oversight of Antenor Silva.\n\n\nAs part of i...

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