Sucro Retains Market-Making Services/ Awards Restricted Share Units

CORAL GABLES, Fla., Dec. 13, 2023 /CNW/ - Sucro Limited (TSXV: SUG) ("Sucro" or the "Company"), an integrated sugar company focused primarily on serving the North American market, today announced that subject to regulatory approval, it has retained Generation IACP Inc. ("Generation") to provide market-making services to maintain a reasonable market and improve the liquidity of Sucro's subordinate voting shares (the "Shares").

Under the agreement between Generation and Sucro (the "Agreement"), the Company has agreed to pay Generation a monthly fee of CAD $7,500 plus applicable taxes. The initial term of the Agreement is six months, and such term will be automatically renewed for subsequent six-month periods unless terminated earlier by 30 days prior written notice. Commencing on the first anniversary of the Agreement, the fee payable to Generation will automatically increase annually by 3.0%. Notwithstanding the foregoing, Generation shall have the right to terminate the Agreement at any time upon prior written notice. Generation will not receive any shares or options as compensation.

Sucro and Generation are unrelated and unaffiliated entities. Generation has informed the Company that neither it nor its principals have any interest, directly or indirectly, in any securities of Sucro; however, Generation and its clients may in future acquire a direct interest in the securities of the Company.

Generation is a Toronto-based, independently-owned investment dealer providing innovative solutions for institutional, corporate, and individual clients in Canada and abroad. Established in 1998, Generation is a member of the Investment Industry Regulation Organization of Canada and a member firm of the Toronto Stock Exchange and the TSX Venture Exchange.

Sucro also announced that, subject to regulatory approval, an aggregate of 21,955 restricted share units ("RSUs") have been awarded to executive officers of the Company under the Company's Omnibus Equity Incentive Plan. All RSUs awarded will vest on December 31, 2024. Once vested, each RSU represents the right to receive one subordinate voting share of the Company. 

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, and 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. For more information, visit sucro.us and follow us on LinkedIn.

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. Such information includes, but is not limited to, the Company's expectation that market-making services will maintain a reasonable market and improve the liquidity of Sucro's subordinate voting shares. 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, failure to maintain a reasonable market and improve the liquidity of Sucro's subordinate voting shares. 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, Sucro Limited, T: [phone], E: [email protected]; Investor Relations: Ian Tharp, T: [phone], E: [email protected]