Sucro Limited Closes C$15 Million Initial Public Offering

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TORONTO, Oct. 30, 2023 /CNW/ - Sucro Limited ("Sucro" or the "Company"), an integrated sugar company focused primarily on serving the North American market, announced today that it has successfully completed its previously announced initial public offering of 1,364,000 subordinate voting shares of the Company (the "Subordinate Voting Shares") at a price of C$11.00 per share (the "Offering Price") for gross proceeds of C$15,004,000 (the "Offering").

The Subordinate Voting Shares are expected to begin trading shortly after the opening of the market today on the TSX Venture Exchange ("TSXV") in Canadian dollars under the trading symbol "SUG".

"The completion of our IPO marks an important milestone in the evolution of Sucro. The added liquidity and capital flexibility created through the IPO will help accelerate and facilitate Sucro's continued vision for supply chain innovation and growth," said Jonathan Taylor, founder and Chief Executive Officer of Sucro. "I would like to acknowledge the support and collaboration of our customers and the commitment of our management and employees who have been instrumental in helping us to advance to our next phase of growth as a public company."

The Offering was underwritten by Eight Capital, Cormark Securities Ltd. and Raymond James Ltd. as co-lead underwriters (collectively, the "Underwriters").

The Company has granted to the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable, in whole or in part, at any time for a period of 30 days following the closing of the Offering, to purchase up to an additional 204,600 Subordinate Voting Shares at the Offering Price. If the Over- Allotment Option is exercised in full, the total gross proceeds of the Offering would be C$17,254,600.

The Company has also issued to the Underwriters non-transferable broker warrants (the "Broker Warrants") to acquire up to 39,785 Subordinate Voting Shares. Each Broker Warrant entitles the holder thereof to acquire, upon exercise, one Subordinate Voting Share at the Offering Price for a period of 24 months from the closing of the Offering. If the Over-Allotment Option is exercised in full, Broker Warrants to acquire a further 6,138 Subordinate Voting Shares would be issued.

The Offering was completed pursuant to the Company's final long form prospectus dated October 19, 2023 (the "Prospectus") and filed with the securities regulators in each of the provinces of Canada other than Quebec, a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

No securities regulatory authority has either approved or disapproved the contents of this news release. The securities offered under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.

About Sucro

Sucro is a growth-oriented sugar company that operates throughout the Americas, with a primary focus on serving the North American sugar market. The Company operates a highly integrated and interconnected sugar supply business, utilizing the entire sugar supply chain to service its customers. Sucro's integrated supply chain includes sourcing raw and refined sugar from countries throughout Latin America, and refined sugar from its own refineries, delivering to customers in North America and the Caribbean. Since its inception in 2014, Sucro has achieved significant growth by creating value for customers through continuous process innovation and supply chain re-engineering. Sucro has established a broad production, sales and sourcing network throughout North America with two cane sugar refineries and an additional value-added processing facility. The Company has offices in Miami, Mexico City, Sao Paulo, Guayaquil and Port of Spain. To learn more, visit: www.sucro.us.

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities laws, which reflect the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's final long form prospectus. Actual results could differ materially from those projected herein. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

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

SOURCE Sucro Limited

Don Hill, Chairman, Tel.: [phone], E-mail: [email protected]