TORONTO, April 27 /CNW/ - Ceres Global Ag Corp. ("Ceres" or the "Corporation") announced today that it may be considered to have acquired deemed indirect beneficial ownership of 1,286,187 class A common shares (the "Common Shares") of Canterra Seeds Holdings Ltd. (the "Issuer") representing 24.33% of the Issuer's issued and outstanding Common Shares. Ceres acquired deemed indirect beneficial ownership of the Common Shares by entering into an agreement to purchase 100% of the outstanding common shares of Whitebox Commodities Holdings Corp. ("WCHC") from various funds advised by Whitebox Advisors, LLC (the "Acquisition"). Riverland Agriculture, Ltd., a wholly-owned subsidiary of WCHC, beneficially owns the Common Shares.
The acquisition is expected to be completed on or before June 30, 2010, subject to the approval of the Toronto Stock Exchange and other customary closing conditions. The Corporation understands that the Common Shares were acquired by WCHC to form part of a portfolio of strategic investments in agricultural businesses managed by Whitebox Advisors, LLC. Assuming completion of the Acquisition, the Corporation's indirect holdings of the Common Shares will be for investment purposes only and not with the purpose of influencing the control or direction of the Issuer.
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 includes, but is not limited to, information concerning the proposed acquisition of Whitebox Commodities Holdings Corp. by Ceres and matters relating thereto. 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" 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. Assumptions upon which such forward-looking information is based include, without limitation, that all conditions to completion of the Acquisition will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of the Corporation 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 the approvals, consents and waivers for the Acquisition are not obtained by the parties. Although the Corporation 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. The Corporation 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.
For further information: For further information: or to obtain a copy of the Corporation's early warning report or the press release issued by Ceres in respect of the Acquisition, please contact Jason Gould, Chief Financial Officer of the Corporation at (416) 915-2426; Ceres Global Ag Corp., 33 Yonge Street, Suite 600, Toronto, ON, M5E 1G4