MINNEAPOLIS, July 3, 2024 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres" or the "Corporation") a global agricultural, energy and industrial products merchandising and supply chain company, today announced that United Farmers of Alberta Co-operative Limited ("UFA") has acquired the Corporation's 17% stake in Canterra Seeds Holdings Ltd. ("Canterra Seeds").
"Aligned with our strategy to streamline our asset footprint, the disposition of Canterra Seeds allows Ceres to continue focusing on our core business while improving efficiencies," said Carlos Paz, President and CEO of Ceres. "This transaction with Canterra Seeds and UFA will serve as a positive catalyst for Western Canadian agriculture, and we're pleased to continue executing our fundamental strategy to the benefit of all stakeholders."
In line with Ceres' vision of enabling its customers to do great things in the food, agriculture, and energy markets, the partnership between Canterra Seeds and UFA aims to empower Western Canadian growers by driving investment in research and innovation, focusing on Canterra Seeds' portfolio of cereals, pulses, and oilseeds specifically developed for Western Canada.
Early Warning Report
Ceres disposed of 1,286,187 Class A common shares of Canterra Seeds pursuant to a share purchase agreement dated July 2, 2024 with UFA for cash consideration of C$2,500,000.00 or approximately C$1.94 per Class A common share. Immediately following the disposition, Ceres held nil Class A common shares of Canterra Seeds. The purpose of the transaction was for Ceres to dispose of its interest in Canterra Seeds to streamline its asset footprint and focus on its core business.
An early warning report will be filed by Ceres in accordance with applicable securities laws and will be available on SEDAR+ at www.sedarplus.com or may be obtained directly from Carlos Paz, President and Chief Executive Officer of Ceres upon request at the telephone number below.
Ceres is located at 701 Xenia Avenue S., Suite 400, Minneapolis, Minnesota, 55416.
Canterra Seeds is located at 201-1475 Chevrier Boulevard, Winnipeg, Manitoba, R3T 1Y7.
About Ceres Global Ag Corp.
Ceres and its subsidiaries add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high‐quality agricultural commodities, value‐added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres connects farmers to customers around the world.
Ceres is headquartered in Golden Valley, Minnesota, and together with its affiliated companies, operates 11 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 29 million bushels. The Corporation also owns membership interests in three agricultural joint ventures that have an aggregate grain and oilseed storage capacity of approximately 15.9 million bushels.
Ceres has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Berthold Farmers Elevator, LLC (a joint venture with The Berthold Farmers Elevator Company), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 41% 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).
For more information about Ceres, please visit www.ceresglobalagcorp.com
SOURCE Ceres Global Ag Corp.
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