Foraco announces the termination of the Investor Rights Agreement

TORONTO and MARSEILLE, France, March 6, 2024 /CNW/ - Foraco International SA (TSX: FAR) (the "Company" or "Foraco"), a leading global provider of mineral and water drilling services, today announced the termination of the Investor Rights Agreement dated July 7, 2021 among the Company, Oaktree Capital Management, L.P. ("Oaktree"), Kartesia Securities IV S.A ("Kartesia"), Jean-Pierre Charmensat, Daniel Simoncini, and the holding companies of Daniel Simoncini and Jean-Pierre Charmensat (the "Investor Rights Agreement").

Following the disposition by Oaktree and Kartesia of their ordinary shares of the Company respectively on January 16, 2024 and March 5, 2024, the Investor Rights Agreement was automatically terminated in accordance with its terms. In connection with the termination of the Investor Rights Agreement, Diercxsens Investments & Advisory BV, represented by Jean Diercxsens, resigned from its position as a member of the Board.

Tim Bremner, CEO of Foraco commented, "We are pleased that the disposition of the Oaktree and Kartesia shares will contribute to the increased liquidity of Foraco shares which is clearly in the best interest of all shareholders."

"Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release."

Caution concerning forward-looking statements

These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the liquidity of Foraco shares. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 3, 2023, which is filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.

SOURCE Foraco International SA

Fabien Sevestre ([email protected]), Tel: [phone]