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MBAC completes $51.7 million bought deal financing

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

TSX:MBC
OTCQX:MBCFF
Shares Outstanding:152,029,492
Fully Diluted:161,252,908

TORONTO, April 16, 2013 /CNW/ - MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX:MBC) (OTCQX:MBCFF) is pleased to announce that it has completed its previously announced bought deal private placement, including the partial exercise of the Underwriters' Option, for aggregate gross proceeds of approximately $51.7 million (the "Offering"). A total of 23,479,128 common shares of the Company (the "Offered Shares"), inclusive of those issued pursuant to the partial exercise of the Underwriters' Option, were issued and sold by the Company at a price of $2.20 per Offered Share. The Offering was completed through a syndicate of underwriters led by Canaccord Genuity Corp., and including National Bank Financial Inc. and BMO Nesbitt Burns Inc. (the "Underwriters").

The net proceeds of the Offering are intended to be used by the Company for the completion of the Itafós Project, for working capital and general and administrative purposes. The Offered Shares will be subject to a four month hold period under applicable Canadian securities legislation.