TORONTO,
June 10, 2015 /CNW/ - Ceres
Global Ag Corp. ("Ceres" or the "Company") (TSX: CRP) announced
today acceptance by the Toronto Stock Exchange (the "TSX") of the
Company's Notice of Intention to Make a Normal Course Issuer Bid
("NCIB").
Pursuant to the NCIB, the Company proposes to
purchase through the facilities of the TSX, from time to time over
the next 12 months, if considered advisable, up to a maximum of
1,614,730 common shares ("Shares") of the Company, being
approximately 10% of its unrestricted public float as of
June 10, 2015, subject to a maximum
aggregate purchase price of $5
million pursuant to restrictions under the Corporation's
credit agreement.
Purchases may commence through the TSX on
June 12, 2015 and will conclude on
the earlier of the date on which purchases under the bid have been
completed and June 11, 2016.
The Company may purchase up to a daily maximum of 4,400 Shares
(representing 25% of an average daily trading volume on the TSX of
17,602 Shares for the six months prior to commencement of the
NCIB), except where such purchases are made in accordance with the
"block purchase" exception under applicable TSX rules and
policies.
The Shares may be purchased for cancellation
through the facilities of the TSX or through alternative Canadian
trading platforms at times and in numbers to be determined by the
Company. The purpose of the normal course issuer bid is to
purchase Shares when the Company determines that the Shares are
undervalued and to control dilution to shareholders arising from
issuances of Shares under employee compensation plans.
The Company has not repurchased any of its Shares
in the prior 12 months. As of June 10,
2015, the Company has 27,057,655 issued and outstanding
Shares.
About Ceres Global Ag Corp.
(ceresglobalagcorp.com)
Ceres Global Ag Corp. is a Toronto-based company focused on two primary
businesses: a Grain Storage, Handling and Merchandising unit,
anchored by its 100% ownership of Riverland Ag Corp., and a
Commodity Logistics unit, containing its 25% interest in Stewart
Southern Railway Inc. and its development of the Northgate, SK
Commodity Logistics Centre. Riverland Ag Corp. is a collection of
nine (9) grain storage and handling assets in Minnesota, New
York, and Ontario having
aggregate storage capacity of approximately 47 million bushels as
at March 31, 2015. Riverland Ag also
manages two (2) facilities in Wyoming on behalf of its customer-owner.
Stewart Southern Railway Inc. is a short-line railway with a range
of 130 kilometres that operates in South-eastern Saskatchewan. The Northgate Commodities
Logistics Centre is a state-of-the art grain, oil and oilfield
supplies transloading site being developed in conjunction with
Riverland Ag and several potential energy company partners,
connected to BNSF Railway.
Cautionary Notice: This news release
contains "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 future operations and results, anticipated business
prospects and financial performance of Ceres and its subsidiaries,
including the plans, costs, timing and capital for the development
of the Northgate Commodities Logistics Centre, expectations or
projections about the future, strategies and goals for growth,
expected and future cash flows, costs, planned capital
expenditures, regulatory change, general economic political and
market conditions anticipated capital projects, construction and
completion dates, operating and financial results, critical
accounting estimates, the expected financial and operational
consequences of future commitments. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", "believes", "may
have implications" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might", or "will 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. Key assumptions upon which such
forward-looking information is based are listed in the
"Forward-Looking Information" section of the interim MD&A for
the year and quarter ended March 31,
2015. Many such assumptions are based on factors and events
that are not within the control of Ceres and there is no assurance
they will prove to be correct. Factors that could cause actual
results to vary materially from results anticipated by such
forward-looking information include, among others, risks related to
weather, politics and governments, changes in environmental and
other laws and regulations, competitive factors in agricultural,
food processing and feed sectors, construction and completion of
capital projects, labour, equipment and material costs, access to
capital markets, interest and currency exchange rates,
technological developments, global and local economic conditions,
the ability of Ceres to successfully implement strategic
initiatives and whether such strategic initiatives will yield the
expected benefits, the ability of Ceres to successfully defend the
claim by The Scoular Company, the operating performance of the
Corporation's assets, the availability and price of commodities and
regulatory environment, processes and decisions. Although Ceres has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results that are not
anticipated, estimated or intended. 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.