Ceres Global Ag Corp. Closes Initial Public Offering


    TORONTO, Dec. 21 /CNW/ - Ceres Global Ag Corp. (the "Corporation") is
pleased to announce that it has completed its initial public offering. At
today's closing, the Corporation issued 12,500,000 units (the "Units") at
$12.00 per Unit, for gross proceeds of $150 million. Each Unit consists of one
common share in the capital of the Corporation (collectively, the "Common
Shares") and one Common Share purchase warrant (collectively, the "Warrants"
and each, a "Warrant"). The Corporation has granted the agents an
over-allotment option to acquire up to 1,875,000 additional Units, which is
exercisable at any time during the next 30 days.
    The Units will separate into Common Shares and Warrants on March 1, 2008.
Each Warrant entitles the holder to acquire, subject to adjustment in certain
circumstances, one common share of the Corporation at a price of $13.50 until
December 21, 2010. The Units, Common Shares and Warrants are listed on the
Toronto Stock Exchange under the symbols "CRP.UN", "CRP" and "CRP.WT",
    The syndicate of agents was co-led by BMO Nesbitt Burns Inc., Credit
Suisse Securities (Canada), Inc. and Wellington West Capital Markets Inc., and
included CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank
Financial Inc., TD Securities Inc., Canaccord Capital Corporation, Richardson
Partners Financial Limited and Tuscarora Capital Inc.
    The Corporation and Front Street Capital 2004 (the "Manager") have
entered into a management agreement pursuant to which the Manager has agreed
to manage and administer the day-to-day business and affairs of the
Corporation. The Manager has retained Front Street Investment Management Inc.
(the "Investment Advisor") to provide investment advisory services to the
Corporation. The Investment Advisor's lead investment manager responsible for
managing the Corporation's agricultural assets will be Frank L. Mersch, who
has over 29 years of experience in the investment industry. In addition, Muir
Detlefsen & Associates Limited (the "Strategic Partner") has been retained by
the Manager, on behalf of the Corporation, to provide strategic, management
and transactional services to the Corporation. The Investment Advisor and the
Strategic Partner will work closely together in the identification of
non-public and less-liquid public investments, with the ability to potentially
acquire a controlling interest, that present significant value appreciation

    The Corporation is an actively managed investment company established to
provide investors with an opportunity to gain direct and indirect exposure to
global agricultural assets. The investment objective of the Corporation is to
achieve long-term capital appreciation, while reducing risk and preserving
capital, through global exposure to agricultural assets involved in the supply
and demand chains of the agricultural sector and sector influenced industries,
including crop and animal production, agrichemicals and fertilizers, farm
machinery, equipment, transportation and storage, food processing,
distribution and retailing, biofuels and other agribusinesses and agricultural
commodities. The Corporation will invest in non-public and public issuers or

    No securities regulatory authority has either approved or disapproved of
the contents of this news release. The securities being offered have not been
and will not be offered or sold in the United States or to, or for the account
or benefit of, a "U.S. person", as such term is defined in Regulation S under
the United States Securities Act of 1933, as amended. This press release is
for information purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy any of these securities in the United States.

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