Itafos Inc V.IFOS

Alternate Symbol(s): MBCF

Chemicals Basic Materials

Itafos Inc. is a phosphate and specialty fertilizer company. Its businesses and projects include Conda, Arraias, Farim, Santana and Araxa. Conda is a vertically integrated phosphate fertilizer business located in Idaho, United States with a production capacity of over 550 Kiloton (kt) per year of mono ammonium phosphate (MAP), merchant grade phosphoric acid (MGA) and ammonium polyphosphate (APP), and approximately 27kt per year of hydrofluorosilicic acid (HFSA). Arraias is a vertically integrated phosphate fertilizer business located in Tocantins, Brazil with a production capacity of approximately 500kt per year of single superphosphate (SSP) and SSP with micronutrients (SSP+). Farim is a phosphate mine project located in Farim, Guinea-Bissau. Santana is a vertically integrated high-grade phosphate mine and fertilizer plant project located in Para, Brazil. Araxa is a vertically integrated rare earth element and niobium mine and extraction plant project located in Minas Gerais, Brazil.

TSXV:IFOS - Post by User

Itafos Inc

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Comment by AdmiralFrackon Jan 30, 2016 2:27pm

214 Views

Post# 24508996

RE:RE:MBC response ...

supra48 wrote:

keeniinvestor wrote: Sent an email yesterday and received their response this morning ......... ...........

Thank you for your enquiry. Please note that the proceeds of the loans have been used for the three aspects mentioned in the releases: SG&A, planing and preparation for potential resumption of operations and settlement of labor disputes.

Specifically with regard to labor disputes, a significant portion of all componentes of the labor class action (including setllement of individual claims) have already been setlled with the abovementioned payments. Negotiations with labor authorities however are still underway with the objective of extinguishing the class action altogether. As soon as the company has material information in that regard it will communicate those to investors.

Please note that negotiations between the company´s Special Committee and the Investor continue. While the company in principle could be in a position to disclose more concrete news within a week´s time frame, this depends on several factors coming together, which at this stage cannot yet be foreseen. This is the reason for the weekly extensions.

Please also note that while negotiations have advanced over the last several months, there can be no assurances that the Company will pursue or complete a business transaction or sale under its strategic process nor that a business transaction or sale will provide any value to all or any stakeholders.

Hope this is helpful.

Yes very helpfull indeed, It is what we all have thought but it is good to finally read it. Should only be a week or two hopefully now for a material news release. I will be in Mexico in two weeks so hopefully I will have another reason to celebrate alnog with my 50th B-day and Valentines day on the beach with my girl!