TORONTO, Dec.  15, 2020  (GLOBE NEWSWIRE) -- Ceres Global Ag Corp. (TSX: CRP) (the “Reporting Issuer”). This press release is being disseminated by Cowan Asset Management Limited (the “Acquiror”) as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bids and Insider Reporting Issues.

During the period from December 11, 2020 to December 14, 2020, the Acquiror disposed of 499,000 common shares of the Reporting Issuer that the Acquiror controlled and directed in its capacity as the investment manager of a private investment fund. In addition, as of December 14, 2020, the Acquiror’s discretionary investment management authority over the investment account of Princeton Holdings Limited (“Princeton”) was terminated, and as result the Acquiror no longer has control and direction over 4,815,600 common shares of the Reporting Issuer. As a result, as of December 14, 2020, the Acquiror no longer exercises control and direction over any of the issued and outstanding common shares of the Reporting Issuer (the “Ceres Shares”).

Princeton beneficially holds 4,815,600 Ceres Shares, representing approximately 15.65% of the total Ceres Shares. The Acquiror is a wholly-owned subsidiary of Princeton and therefore the Acquiror and Princeton are deemed to be joint actors.

The Acquiror’s securityholding percentage has been reduced from 18.98%, as reported in the last early warning report of the Acquiror filed on November 25, 2016, to 0% as of December 14, 2020.

Immediately prior to the transactions and other occurrences that triggered the requirement to file this report, the Acquiror’s securityholding percentage was 17.27%, representing control and direction over 5,314,600 Ceres Shares. Immediately after to the transactions and other occurrences that triggered the requirement to file this report, the Acquiror’s securityholding percentage is 0%, as the Acquiror does not control or direct any Ceres Shares.

The Acquiror disposed of 499,000 Ceres Shares on the Toronto Stock Exchange at a price of CAD 3.85 per share, for total consideration of CAD 1,921,150. No consideration was paid or received in connection with the Ceres Shares beneficially owned by Princeton.

The Acquiror disposed of 499,000 Ceres Shares on behalf of a private investment fund managed by the Acquiror in the course of the liquidation and wind-up of the fund. The Acquiror has no plans or future intentions to acquire or dispose of any additional Ceres Shares.

Princeton has no current plans to acquire or dispose of any additional Ceres Shares but may, depending on market conditions or other changes in the business prospects of Ceres, increase or dispose of additional Ceres Shares in the future.

An early warning report will be filed by the Acquiror under applicable securities laws and will be available on the Reporting Issuer’s SEDAR profile at www.sedar.com.

For more information, please contact:

COWAN ASSET MANAGEMENT LTD.
Tel: 1-844-334-3323
[email protected]