TORONTO, Dec. 14 /CNW/ - (TSX: CRP, CRP.WT) - Ceres Global Ag Corp. (the "Corporation") announced today that Mark Strefling and Jonathan Wood have resigned as directors of the Corporation effective today.
Pursuant to a support agreement (the "Support Agreement") dated June 11, 2010, between the Corporation, Whitebox Advisors, LLC ("Whitebox") and four investment funds (the "Whitebox Funds" and together with Whitebox, the "Whitebox Group") advised and managed by Whitebox signed in connection with the Corporation's previously disclosed acquisition of Whitebox Commodities Holdings Corp. from the Whitebox Funds (the "WCHC Acquisition"), Mr. Strefling and Mr. Wood are required to resign from the board of directors of the Corporation if at any time the Whitebox Funds do not hold, in aggregate, at least 50% of the common shares ("Ceres Shares") of the Corporation received by the Whitebox Funds in connection with the WCHC Acquisition.
On June 11, 2010, the Whitebox Funds received 2,904,889 Ceres Shares as part of the consideration for the sale of Whitebox Commodities Holdings Corp. by the Whitebox Funds to the Corporation. As a result of the Whitebox Funds' recent disposition of 1,656,633 Ceres Shares, the Whitebox Funds currently hold, in aggregate, less than 50% of the Ceres Shares received as consideration in connection with the WCHC Acquisition. Accordingly, Mr. Strefling and Mr. Wood have resigned from the board of the Corporation.
About Ceres Global Ag Corp.
Ceres is an investment company focused on the agriculture sector. Its main investment is in Riverland Ag Corp., which is an agricultural grain supply chain ingredient business that owns and operates 14 grain storage and handling facilities in Minnesota, North Dakota, Wyoming, New York and Ontario, Canada. Riverland Ag customers include leading food and beverage companies. In addition, a significant number of its facilities act as delivery locations for certain futures contracts on the Minneapolis and Chicago exchanges.
For further information: For further information:
Jason Gould, Chief Financial Officer, at (416) 915-2426