WATERDOWN, ONTARIO--(Marketwired - April 6, 2016) - Opta Minerals Inc. ("Opta Minerals") (TSX:OPM) announced today the successful completion of the previously announced acquisition pursuant to which a subsidiary of Speyside Equity Fund I LP ("Speyside") acquired (the "Acquisition") all of the issued and outstanding common shares of Opta Minerals (the "Opta Shares") by way of amalgamation of Opta Minerals and a subsidiary of Speyside (the "Acquiror") pursuant to Section 181 of the Canada Business Corporations Act (the "Amalgamation").

Pursuant to the Amalgamation, all of the issued and outstanding Opta Shares held immediately prior to the Amalgamation, other than those held by the Acquiror, were converted, on a one-for-one basis, into redeemable shares ("Redeemable Shares") of the amalgamated corporation ("Amalco"), and each such Redeemable Share was immediately redeemed by Amalco in exchange for C$0.5202 per share payable in cash; or (ii) for those shareholders who completed an election prior to the deadline of March 29, 2016, C$0.3526 per share payable in cash plus an unsecured subordinated promissory note of Amalco (a "Note") in the principal amount of C$0.1676 per share.

The Acquiror has delivered to Equity Financial Trust Company, the depositary for the Amalgamation (the "Depositary"), sufficient funds and Notes to enable it to make payment of the consideration described in connection with the Amalgamation.

Letters of transmittal have been mailed to registered holders of Opta Shares and are also available under the profile of Opta at www.sedar.com. The letter of transmittal explains how registered holders of Opta Shares can deposit and obtain payment for their Opta Shares. Registered holders of Opta Shares must return their duly completed letters of transmittal to the Depositary in order to receive the consideration to which they are entitled for their Opta Shares. Non-registered holders of Opta Shares should carefully follow the instructions from the broker, investment dealer, bank, trust company, custodian, nominee or other intermediary that holds Opta Shares on their behalf.

It is anticipated that the Opta Shares will be delisted from the Toronto Stock Exchange on or about April 8, 2016.

About Opta Minerals

Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries. Opta Minerals has production and/or distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Idaho, France, Slovakia and Germany.

About Speyside Equity

Formed in 2005, Speyside Equity employs an operationally intensive approach to investing in specialty chemicals, industrials/metal forming and food ingredients businesses. It targets companies with a history of strong revenue, a defensible position in their respective markets, and a core group of managers that can move the business forward. Speyside prefers situations where there are opportunities to leverage its operating expertise to improve financial performance and create sustainable long-term value.

Since its formation, Speyside has successfully executed numerous platform investments and add-on acquisitions using its own capital. The team made its first investment in Sweet Ovations, a food ingredient company, in 2005 and had its first exit in 2010 when it sold Stahl Specialty Company. This principal-driven investment philosophy and approach will continue in its $130 million institutional fund closed in January 2016, Speyside Equity Fund I LP. http://speysideequity.com.

Forward Looking Information

Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, without limitation, statements relating to: statements relating to Opta Minerals' expectation with respect to the timing of the delisting of the Opta Shares from the Toronto Stock Exchange. Words such as "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "potential" and similar expressions may be used to identify these forward-looking statements although not all forward-looking statements contain such words.

Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully and reader should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by law, Opta Minerals does not intend to or assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information:

Opta Minerals Inc.
John Dietrich
Executive Vice-President and Secretary