TORONTO, June 9, 2016 /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 C$5,000,000 of common shares ("Shares") of the
Company, to a maximum aggregate of 1,595,765 shares, being
approximately 10% of its unrestricted public float, as of
June 2, 2016. Purchases may
commence through the TSX on June 12,
2016 and will conclude on the earlier of the date on which
purchases under the bid have been completed and June 11, 2017. The Company may purchase up
to a daily maximum of 2,119 Shares (being 25% of the average daily
trading volume of 8,479 shares, excluding shares purchased under
the Company's NCIB) for the last six calendar months, 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 systems at times and in
numbers to be determined by the Company.
Under its prior NCIB that commenced on June 12, 2015 and expires on June 11, 2016, the Company has purchased a total
of 158,400 of its Shares at an average price of C$5.02 per Share. As of June 2, 2016, the Company has 26,903,655 issued
and outstanding Shares.
Ceres is renewing its NCIB for the purpose of purchasing 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.
About Ceres Global Ag Corp.
(ceresglobalagcorp.com)
Headquartered in Minneapolis, Ceres Global Ag Corp. is focused
on two primary businesses: a Grain Storage, Handling and
Merchandising unit; and a Commodity Logistics unit.
Ceres operates in two business units, one of which is a grain
storage, handling, and merchandising unit anchored by a collection
of nine (9) grain storage and handling assets in Minnesota, New
York, Saskatchewan and
Ontario having aggregate storage
capacity of approximately 43 million bushels as at March 31, 2016.
Ceres' Commodity Logistics unit is focused on the development of
a Commodity Logistics Centre in Northgate, SK. The Northgate
Commodities Logistics Centre is a state-of-the-art grain,
agriculture services and oilfield supplies transloading site.
Ceres also has a 25% interest in Stewart Southern Railway Inc.,
a short-line railway with a range of 130 kilometres that operates
in South-eastern Saskatchewan.
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
Company'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.