MINNEAPOLIS, July 3, 2024
/CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres" or
the "Corporation") a global agricultural, energy and
industrial products merchandising and supply chain company, today
announced that United Farmers of Alberta Co-operative Limited
("UFA") has acquired the Corporation's 17% stake in Canterra
Seeds Holdings Ltd. ("Canterra Seeds").
"Aligned with our strategy to streamline our asset footprint,
the disposition of Canterra Seeds allows Ceres to continue focusing
on our core business while improving efficiencies," said
Carlos Paz, President and CEO of
Ceres. "This transaction with Canterra Seeds and UFA will serve as
a positive catalyst for Western Canadian agriculture, and we're
pleased to continue executing our fundamental strategy to the
benefit of all stakeholders."
In line with Ceres' vision of enabling its customers to do great
things in the food, agriculture, and energy markets, the
partnership between Canterra Seeds and UFA aims to empower Western
Canadian growers by driving investment in research and innovation,
focusing on Canterra Seeds' portfolio of cereals, pulses, and
oilseeds specifically developed for Western Canada.
Early Warning Report
Ceres disposed of 1,286,187 Class A common shares of Canterra
Seeds pursuant to a share purchase agreement dated July 2, 2024 with UFA for cash consideration of
C$2,500,000.00 or approximately
C$1.94 per Class A common share.
Immediately following the disposition, Ceres held nil Class A
common shares of Canterra Seeds. The purpose of the transaction was
for Ceres to dispose of its interest in Canterra Seeds to
streamline its asset footprint and focus on its core business.
An early warning report will be filed by Ceres in accordance
with applicable securities laws and will be available on SEDAR+ at
www.sedarplus.com or may be obtained directly from Carlos Paz, President and Chief Executive
Officer of Ceres upon request at the telephone number below.
Ceres is located at 701 Xenia Avenue S., Suite 400, Minneapolis, Minnesota, 55416.
Canterra Seeds is located at 201-1475 Chevrier Boulevard,
Winnipeg, Manitoba, R3T 1Y7.
About Ceres Global Ag Corp.
Ceres and its subsidiaries add value across agricultural, energy
and industrial supply chains through efficient sourcing, storing,
transporting and marketing of high‐quality agricultural
commodities, value‐added products and raw materials. Leveraging its
network of commodity logistics centers and team of industry
experts, Ceres connects farmers to customers around the world.
Ceres is headquartered in Golden
Valley, Minnesota, and together with its affiliated
companies, operates 11 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate
grain and oilseed storage capacity of approximately 29 million
bushels. The Corporation also owns membership interests in three
agricultural joint ventures that have an aggregate grain and
oilseed storage capacity of approximately 15.9 million bushels.
Ceres has a 50% interest in Savage Riverport, LLC (a joint
venture with Consolidated Grain and Barge Co.), a 50% interest in
Berthold Farmers Elevator, LLC (a joint venture with The Berthold
Farmers Elevator Company), a 50% interest in Farmers Grain, LLC (a
joint venture with Farmer's Cooperative Grain and Seed
Association), a 41% interest in Gateway Energy Terminal (an
unincorporated joint venture with Steel Reef Infrastructure Corp.),
a 25% interest in Stewart Southern Railway Inc. (a short‐line
railway located in southeast Saskatchewan with a range of 130
kilometers).
For more information about Ceres, please visit
www.ceresglobalagcorp.com
SOURCE Ceres Global Ag Corp.
