Noranda Income Fund Announces Change in Trustees

TORONTO, June 15, 2020 (GLOBE NEWSWIRE) -- Noranda Income Fund (TSX:NIF.UN) (the “Fund”) announces that it has received notice from Glencore Canada Corporation (“Glencore”) that in accordance with the terms of the Trust Indenture for the Noranda Operating Trust (the “Trust”), Glencore has decided to withdraw Ken Klassen’s nomination as a trustee of the Trust in order for Mr. Klassen to serve Glencore elsewhere in a consulting capacity.

The Fund would like to thank Mr. Klassen for his service and contributions to the Fund, and wishes him the best in his future endeavors.

As a result of the withdrawal of Mr. Klassen’s nomination, Mr. Klassen is no longer being put forward for election as a trustee at the annual meeting of unitholders scheduled to occur on June 19, 2020 (the “Meeting”). All other matters to be considered at the Meeting remain unchanged and are further described in the Fund’s management information circular for the Meeting dated May 20, 2020, available on SEDAR ().

In accordance with the terms of the Trust Indenture for the Trust, the vacancy which will be created following the Meeting and the resulting expiry of Mr. Klassen’s term will be filled by Glencore. Glencore has provided notice that it will appoint Mr. Peter Wright to fulfill such vacancy. Peter Wright graduated from the McGill Faculty of Law in 2004 (BCL/LLB). He was called to the bars of Ontario (2005) and New York (2006) and practiced corporate law in New York and Toronto prior to joining Glencore in 2014. Since 2018, Peter has served as Director and Vice President, Legal, of Glencore. The Fund looks forward to welcoming Mr. Wright as a trustee.

Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol “NIF.UN”. Noranda Income Fund owns the electrolytic zinc processing facility and ancillary assets (the “Processing Facility”) located in Salaberry-de-Valleyfield, Quebec. The Processing Facility is the second-largest zinc processing facility in North America and the largest zinc processing facility in eastern North America, where the majority of zinc customers are located. It produces refined zinc metal and various by-products from sourced zinc concentrates. The Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore Canada Corporation.

Further information about Noranda Income Fund can be found at:

For further information, please contact:

Paul Einarson

Chief Financial Officer of Canadian Electrolytic Zinc Limited, Noranda Income Fund’s Manager

Tel: 514-745-9380