Last updated on April 17, 2014 at 1:21 EDT

IFC Increases Loan Commitment by US$25 Million Through Syndication Program

December 29, 2011

    TSX:                MBC
    OTCQX:              MBCFF
    Shares Outstanding: 97,720,219
    Fully Diluted:      105,007,635

TORONTO, Dec. 29, 2011 /PRNewswire/ – MBAC Fertilizer Corp. (“MBAC” or the “Company”) (TSX:MBC and
is pleased to announce the Company has received a commitment  for an
additional US$25 million in syndicated project financing from the IFC
through its syndicated B Loan program (the “IFC B Loan”), bringing the
aggregate IFC project financing facility to US$65 million.  The
syndicate bank, WestLB AG (“WestLB”) has agreed to provide the
additional funds through the IFC on substantially the same terms and
conditions as the US$40 million project financing being provided
directly by IFC, other than a shorter repayment period under the
syndicated loan.  Disbursement of funds under the loan facility is
expected to occur upon the satisfaction of customary conditions of
disbursement.  The proceeds from the IFC B Loan will be used by MBAC
for the development of the Itafós Arraias SSP Project (the “Project”).

Antenor Silva, President and CEO of MBAC stated; “We are very pleased to have the support of a global commercial bank such
as WestLB on the Itafós Arraias SSP Project. The Company now has all of
the capital requirements to fully fund the Itafòs Arraias SSP Project.
The project is proceeding as planned with an expected start up
scheduled for Q4 2012.”

About WestLB

WestLB AG is one of Germany´s leading financial services providers and
offers the full range of products and services of a universal bank,
focusing on lending, corporate and structured finance, capital market
and private equity products and transaction services.  WestLB has total
assets of EUR160.4 billion, as of June 30, 2011. For more information,
please visit www.westlb.com.

About IFC

IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. IFC helps
developing countries achieve sustainable growth by financing
investment, providing advisory services to businesses and governments,
and mobilizing capital in the international financial markets. In
fiscal 2011, amid economic uncertainty across the globe, IFC helped its
clients create jobs, strengthen environmental performance, and
contribute to their local communities–all while driving our investments
to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.

About MBAC

MBAC is focused on becoming a significant integrated producer of
phosphate and potash fertilizers in the Brazilian and Latin American
markets.  MBAC has an experienced team with over 150 years of combined
experience in the business of fertilizer operations, management,
marketing and finance within Brazil.  In October 2008, MBAC acquired
Itafós Mineração Ltda, which consisted of a phosphate mine, a mill and
plant and related infrastructure, all located in central Brazil. MBAC’s
exploration portfolio includes a number of additional exciting
phosphate and potash projects, which are also located in Brazil.  The
Santana Phosphate project is a high grade phosphate deposit located in
close proximity to the largest fertilizer market of Mato Gross State
and animal feed market of Pará State. The Company continues to search
for additional fertilizer opportunities in the Brazilian and other
Latin-American markets, where strong agricultural fundamentals and
unique opportunities are expected to provide attractive growth
opportunities in the near future.  Further information on MBAC can be
found on the Company’s website at www.mbacfert.com and on SEDAR at www.sedar.com.

Antenor Silva
President & Chief Executive Officer

This press release contains “forward-looking statements” within the meaning of
applicable Canadian and United States securities legislation.
Forward-looking statements include, but are not limited to, statements
related to activities, events or developments that the Company expects
or anticipates will or may occur in the future, including, without
limitation, statements related to the satisfaction of all conditions
and the disbursement of funds under the IFC loan facility, the start up
of production in early Q4 2012, and expectations with respect to
commencement of commercial production. Forward-looking statements are
often identified by the use of words such as “plans”, “planning”,
“planned”, “expects” or “looking forward”, “does not expect”,
“continues”, “scheduled”, “estimates”, “forecasts”, “intends”,
“potential”, “anticipates”, “does not anticipate”, or “belief”, or
describes a “goal”, or variation of such words and phrases or state
that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved. Forward-looking
statements are based on a number of factors and assumptions made by
management and considered reasonable at the time such statements are
made, and forward-looking statements involve known and unknown risks,
uncertainties and other factors may cause the actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. Such factors
include, among others, the success of the Company in satisfying all
conditions of the IFC loan facility and the Itau BBA S.A. loan
facility, successful completion of all work to enable Project start up
by Q4 2012, as well as those factors disclosed in the Company’s current
Annual Information Form and Management’s Discussion and Analysis, as
well as other public disclosure documents, available on SEDAR at
www.sedar.com. Although MBAC has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate. The forward-looking statements
contained herein are presented for the purposes of assisting investors
in understanding the Company’s plan, objectives and goals and may not
be appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking statements.

SOURCE MBAC Fertilizer Corp.

Source: PR Newswire