TORONTO, ONTARIO--(Marketwire - March 28, 2013) - MagIndustries Corp. (MAA.TO) (the "Company" or "MagIndustries") is pleased to report that its controlling shareholder Evergreen Resource Holdings (BVI) through its Ningbo, China based parent, Evergreen Holding Group (collectively, "Evergreen"), has received approval from the National Development and Reform Commission of the People's Republic of China ("NDRC") to invest in and construct the Company's 1.2 million tonnes per annum Mengo Potash Project in the Republic of Congo (the "Project"). The NDRC is the senior administrative and regulatory body in China responsible for the approval of major capital investments by Chinese companies, ensuring the consistency of these investments with China's economic policies and development strategies.
The NDRC approval is valid for two years from the date of issue, which was 18 March, 2013.
NDRC approval of Evergreen's intended investment in and construction of the Project is a necessary condition for the approval of project finance loans by China's senior banks. The project loan application for the construction of the Project is currently in process.
About MagIndustries Corp.
MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol "MAA". The Company has 755,942,674 common shares outstanding. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. Specific to this press release, there is a risk that the required project finance loans to finance construction of the project will not be obtained or obtained within the timeframe of the NDRC approval. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
Cusip: 55917T 102
- Investment & Company Information
Mr. Rich Morrow
Director, Investor Relations and Corporate Development