MagIndustries Corp., together with its financial advisor BNP Paribas, that substantial progress has been achieved with a group of international project finance institutions for debt financing of its Kouilou Potash Project located in the Republic of Congo.

Bill Burton, President and Chief Executive Officer of MagIndustries, stated:

Mag is pleased with the progress it believes has been made with the project financing, and we greatly appreciate the diligence of the Lenders in working with us in this process.

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