Andrew Redleaf and Whitebox Advisors, LLC - Holdings in Ceres Global Ag Corp.

MINNEAPOLIS, MN, Dec. 9 /CNW/ - The Whitebox Credit Arbitrage Partners, L.P., Whitebox Multi-Strategy Partners, L.P., F Cubed Partners, L.P. and DRE Partners, L.P. (collectively, the "Whitebox LPs") sold 1,656,633 common shares (the "Common Shares") of Ceres Global Ag Corp. (the "Issuer") on December 8, 2010.  As a result of the sale of common shares, the Whitebox LPs own an aggregate of 1,248,256 Common Shares and warrants to purchase 150,000 Common Shares (the "Warrants").

As the Whitebox LPs are managed by Whitebox Advisors, LLC, for purposes of applicable Canadian securities laws, Whitebox Advisors, LLC and Andrew Redleaf (the "Whitebox Filers") may be considered to have control or direction over 1,398,256 Common Shares of the Issuer (comprised of the 1,248,256 Common Shares and the 150,000 Common Shares that may be purchased on exercise of the Warrants) which constitutes approximately 9.02% of the outstanding Common Shares, calculated in accordance with applicable Canadian securities laws.

The transactions described in this release did not take place on any market.

The Common Shares were sold in the ordinary course of business of the Whitebox LPs. The Whitebox Filers expect to evaluate on an ongoing basis the Issuer's financial condition, business, operations and prospects, the market price of the securities of the Issuer, conditions in the securities markets generally, general economic conditions and industry conditions and other factors. Depending on such review, and subject to the terms of the Warrants, the conditions below and certain standstill restrictions agreed to by the Whitebox LPs in a support agreement dated June 11, 2010 between Whitebox Advisors, LLC, the Whitebox LPs and the Issuer (the "Support Agreement"), the Whitebox Filers may make additional purchases or may sell or transfer Common Shares or other securities of the Issuer over which they may be considered to have control or direction from time to time in public or private transactions and/or may enter into privately negotiated derivative transactions with institutional counterparties to hedge the market risk of some or all of their positions in the Common Shares or other securities. In addition or in the alternative, subject to the restrictions in the Support Agreement and the Warrants, the Whitebox Filers may cause any of the Whitebox LPs to distribute in kind to their respective partners or shareholders, as the case may be, Common Shares or other securities. Any such transactions may be effected at any time or from time to time subject to applicable law. Other than as described above, none of the Whitebox Filers has any plan or proposal relating to or that would result in: (a) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (b) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (c) any material change in the present capitalization or dividend policy of the Issuer; (d) any other material change in the Issuer's business or corporate structure; (e) any changes in the Issuer's charter, by-laws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (f) a class of securities of the Issuer being delisted; (g) a class of equity securities of the Issuer becoming eligible for termination of registration; or (h) any action similar to those enumerated above.

Andrew Redleaf is the managing director and controlling shareholder of Whitebox Advisors, LLC, which is the managing member of the general partners of each of, and advisor to, the Whitebox LPs.  The Whitebox LPs are the registered owners of the Common Shares and Warrants that are the subject of this release.  The current principal address of the Whitebox LPs is c/o 3033 Excelsior Blvd., Suite 300, Minneapolis, MN 55416.

As a result of the foregoing relationships, the Whitebox Filers may be considered to exercise control or direction over the Common Shares that are the subject of this release. However, the Whitebox Filers disclaim any beneficial ownership over the Common Shares held by the Whitebox LPs, except to the extent of their pecuniary interest, if any, therein.

The issuance of this news release is not an admission that any entity named in this news release owns or controls any securities described in this release or is a joint actor with another named entity.

For further information:

A copy of the early warning report to be filed by Mr. Redleaf and Whitebox Advisors, LLC in connection with the transactions referred to in this press release may be obtained from Mark Strefling, Chief Legal Officer of Whitebox Advisors, LLC at [phone].