CORAL GABLES, Fla., Jan. 16, 2025 /CNW/ - Sucro Limited (TSXV: SUGR) (OTCQB: SUGRF) ("Sucro" or the "Company"), an integrated sugar refiner focused primarily on serving North American sugar markets, announced today that a subsidiary of the Company has entered into an agreement (the "Agreement") with a related party for the purchase of a commercial property adjoining Sucro's cane sugar refinery development site in University Park, Illinois, a suburb of Chicago. The property to be acquired consists of 2.42 acres of land and 31,642 square feet of warehouse and office space and is currently leased by the Company. It is contemplated that the property will be incorporated into the Company's previously announced cane sugar refinery development project at that location. The vendor of the property is MB Central-Bond LLC, a company in which Matthew Dyer, Sucro's Vice President of U.S. Sales, is the controlling shareholder.
Under the Agreement, a subsidiary of the Company will acquire the property for a purchase price of approximately US$1.043 million. The purchase price will be satisfied by the assumption of mortgage indebtedness and cash.
The proposed transaction is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (the "Rule") and TSX Venture Exchange Policy 5.9 (the "Policy"). The proposed transaction is however, exempt from the formal valuation and minority approval requirements of the Rule and Policy as the fair value of both the property and the consideration therefor were less than 25% of the Company's market capitalization at the relevant time. Completion of the proposed transaction is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
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 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, and two cane sugar refineries under development in Hamilton, Ontario and University Park, Illinois (a suburb of Chicago). The Company has offices in Miami, Mexico City, Cali, Sao Paulo, and Port of Spain. For more information, visit sucro.us and follow us on LinkedIn.
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
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