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.