Itafos Announces Appointment of New Directors
ITAFOS ANNOUNCES APPOINTMENT OF NEW DIRECTORS
TORONTO, ON – March 4, 2020 – Itafos (TSX-V: IFOS) (the “Company”) announced today the
appointment of Rory O’Neill and Ricardo De Armas to its Board o f Directors. The Company’s
principal shareholder, CL Fertilizers Holding LLC (“ CLF”), designated Mr. O’Neill and Mr. De
Armas as its nominees to the Company’s Board of Directors pursuant to the previously announced
investor rights agreement entered into on December 31, 2019, be tween the Company and CLF.
CLF is an investment entity of private funds managed by Castlelake, L.P. (“Castlelake”), a global
private investment firm.
Mr. O’Neill is Chief Executive Officer and Managing Partner at Castlelake. Mr. O’Neill founded
Castlelake in 2005 and is responsible for the firm’s overall direction, including all investment and
operational activities, as well as establishing the firm’s visi on, culture and investment approach.
Mr. O’Neill also serves as chair of Castlelake’s Investment Review Committee and has overseen
more than $25 billion of global investments in more than 60 cou ntries across a variety of sectors
including agribusiness, minerals, energy and transportation. Pr ior to founding Castlelake, Mr.
O’Neill was a senior managing director at Cargill Value Investment (now CarVal Investors) where
he helped establish and grow the firm’s global investment business. Early in his career, Mr. O’Neill
was a certified public accountant at KPMG. Mr. O'Neill serves o n the Board of Trustees of the
University of St. Thomas. Mr. O’Neill holds a Bachelor of Arts in business administration and
biology from the University of St. Thomas and a Master of Busin ess Administration from the
University of Pennsylvania.
Mr. De Armas is a Director at Castlelake. Mr. De Armas joined C astlelake in 2016 as part of the
Global Special Situations team and is responsible for investments in emerging markets across a
variety of sectors including agribusiness and metals and mining . Prior to joining Castlelake, Mr.
De Armas was Vice President at De Jong Capital and Principal at Zaff Capital where he was
instrumental in the acquisitions and restructurings that ultima tely resulted in the formation of
Itafos. Prior to joining Zaff Capital, Mr. De Armas was an inve stment banker at Citigroup where
he focused on investments in Latin America across a variety of sectors including agribusiness
and metals and mining. Prior to joining Citigroup, Mr. De Armas was a financial analyst at Procter
& Gamble. Mr. De Armas serves on numerous boards, including Her on Resources Limited and
North River Resources Plc. Mr. De Armas holds a Bachelor of Science in business administration
from Universidad Metropolitana and a Master of Business Administration from Harvard Business
School.
About Itafos
The Company is a vertically integrated phosphate fertilizers and specialty products company with
an attractive portfolio of long-term strategic businesses and p rojects located in key fertilizer
markets worldwide.
The Company owns, operates and is developing the following businesses and projects:
Itafos Conda – a vertically integrated phosphate mine and fert ilizer business with
production and sales capacity of approximately 550kt per year o f monoammonium
phosphate (“MAP”), MAP with micronutrients (“ MAP+”), superphosphoric acid (“ SPA”),
merchant grade phosphoric acid (“ MGA”) and specialty products including ammonium
polyphosphate (“APP”) located in Idaho, US;
Itafos Arraias – a phosphate fertilizer business with producti on and sales capacity of
approximately 500kt per year of single superphosphate (“ SSP”), SSP with micronutrients
(“SSP+”), premium PK compounds and approximately 40kt per year of exc ess sulfuric
acid located in Tocantins, Brazil;
Itafos Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau;
Itafos Paris Hills – a high-grade phosphate mine project locat ed in Idaho, US;
Itafos Santana – a vertically integrated high-grade phosphate mine and fertilizer plant
project located in Pará, Brazil;
Itafos Mantaro – a large phosphate mine project located in Jun in, Peru; and
Itafos Araxá – a vertically integrated rare earth elements and niobium mine and extraction
plant project located in Minas Gerais, Brazil.
For more information, or to join the Company’s mailing list to receive notification of future news
releases, please visit the Company’s website, www.itafos.com.
Forward Looking Information
Certain information contained in this news release constitutes forward looking information. All
information other than information of historical fact is forward looking information. The use of any
of the words “intend”, “anticipate”, “plan”, “continue”, “estim ate”, “expect”, “may”, “will”, “project”,
“should”, “would”, “believe”, “predict” and “potential” and sim ilar expressions are intended to
identify forward looking information. This information involves known and unknown risks,
uncertainties and other factors that may cause actual results o r events to differ materially from
those anticipated in such forward looking information. No assur ance can be given that this
information will prove to be correct and such forward looking i nformation included in this news
release should not be unduly relied upon.
Forward looking information is subject to a number of risks and other factors that could cause
actual results and events to vary materially from that anticipa ted by such forward looking
information. Although the Company has attempted to identify imp ortant factors that could cause
actual results to differ materially from those contained in for ward-looking statements, there may
be other factors that cause results not to be as anticipated, e stimated or intended. Factors that
may cause actual results to differ materially from expected res ults described in forward-looking
statements include, but are not limited to, those risk factors set out in the Company’s Management
Discussion and Analysis and other disclosure documents availabl e under the Company’s profile
at www.sedar.com. Readers are cautioned that the foregoing list of risks, uncer tainties and
assumptions are not exhaustive. The forward-looking information included in this news release is
expressly qualified by this cautionary statement and is made as of the date of this news release.
The Company undertakes no obligation to publicly update or revi se any forward-looking
information except as required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PR OVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXC HANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW S
RELEASE.
For further information, please contact:
Itafos Investor Relations
www.itafos.com