Ceres Global Ag Corp. and Largest Shareholder Terminate Share Trading Standstill Restrictions
MINNEAPOLIS, MN, Oct. 5, 2020 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres" or the "Corporation") today announced that it has agreed with VN Capital Management, LLC and VN Capital Fund C, L.P. (collectively "VN Capital") to terminate certain restrictions on VN Capital's and its affiliates' ability to engage in the trading of the Corporation's common shares and to engage in certain other related activities ("Trading Restrictions"). Specifically, the Trading Restrictions prohibited VN Capital, through March 30, 2021, without the consent of the Corporation's board of directors, from purchasing the Corporation's shares except from private parties in blocks of 250,000 or more shares, and from engaging in certain other related activities. The agreement to terminate the Trading Restrictions early enables VN Capital and its affiliates to acquire additional shares or otherwise trade common shares of the Corporation, subject only to any applicable regulatory restrictions.
Ceres and VN Capital originally agreed to the Trading Restrictions in connection with a non-brokered private placement event in September 2019, under which VN Capital Fund C, L.P. subscribed for 2,757,487 Shares. VN Capital, which holds 49.8% of the Corporation's common shares, is currently the Corporation's largest shareholder.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Through its network of commodity logistics centers and team of industry experts, Ceres merchandizes high-quality North American agricultural commodities and value-added products and provides reliable supply chain logistics services to agricultural, energy and industrial customers worldwide.
Ceres is headquartered in Minneapolis, MN and together with its wholly owned affiliates, operates 13 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 31 million bushels.
Ceres also has a 50% interest in Savage Riverport, LLC, a joint venture with Consolidated Grain and Barge Co., a 50% 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, and a 17% interest in Canterra Seed Holdings Ltd, a Canada-based seed development company.
Cautionary Notice: This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information may include but is not limited to, statements regarding the timing and completion of the Private Placement and the proposed use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects," "intends," "anticipates," "believes" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would" or "might," "be taken," "occur" or "be achieved." Forward-looking information is based on the opinions and estimates of management at the date the information is made and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Ceres undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE Ceres Global Ag Corp.
Katelynn Thissen, NATIONAL Capital Markets, (416) 848-1427, [email protected]
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